Kuwait Sovereign Ratings Affirmed; Outlook Remains Stable

31 July 2026

Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and LT Local Currency Rating (LT LCR) of Kuwait at ‘A+’. At the same time, CI Ratings has affirmed the sovereign’s Short-Term (ST) FCR and ST LCR at ‘A1’. The Outlook on the ratings remains Stable.

Rating Rationale

The ratings reflect Kuwait’s very strong external buffers, which provide the country with the capacity to cope with external shocks and have enabled the authorities to absorb the financial impact of the severe disruption to hydrocarbon production and exports experienced since late February 2026. These buffers are underpinned by the very large portfolio of foreign assets held by the Kuwait Investment Authority (KIA). The ratings continue to be supported by the country’s comfortable net external creditor position,  substantial hydrocarbon reserves and low-cost upstream production base, as…