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

31 March 2026

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 National Bank of Kuwait (NBK) 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 for the LT FCR and BSR remains Stable.

Rating Drivers

The two-notch uplift of the LT FCR above the BSR is based on the very high ESL. Although the ESL is very high, the LT FCR cannot go higher, as it is currently at the level of Kuwait’s sovereign rating. The ESL takes into account the Bank’s systemic importance (as the largest in the country), 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…