National Bank of Kuwait’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of the National Bank of Kuwait (NBK or the Bank) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed NBK’s Bank Standalone Rating (BSR) of ‘a-’, Core Financial Strength (CFS) rating of ‘a-’ and Extraordinary Support Level (ESL) of Very High. The Outlook on the LT FCR and BSR remains Stable.

The two-notch uplift of the LT FCR above the BSR is based on the very high ESL. The ESL takes into account the Bank’s systemic importance (as the largest in the country at end-2024), the Kuwaiti government’s strong track record of providing assistance to banks in the event of need, the existence of a state guarantee on all deposits placed inside Kuwait, and the strong financial capacity of the government to provide support.

NBK’s BSR is based on a CFS rating of…