Fitch Affirms Kuwait International Bank’s IDR at A+; VR at bb-, with a Stable Outlook

Fitch Ratings (Fitch) has affirmed Kuwait International Bank’s (KIB) long-term Issuer Default Rating (IDR) at A+, and viability rating (VR) at bb- with a Stable Outlook. The Stable Outlook on KIB’s IDR reflects the outlook on the Kuwaiti sovereign rating.

According to the Fitch report issued on the 22nd of December 2020, KIB’s IDRs reflect a high level of support from the Kuwaiti authorities, if required. It considers Kuwait’s strong capacity to support the domestic banking system as reflected by its sovereign rating (AA/Stable) and willingness to continue support irrespective of the bank’s size, funding structure, franchise, and the level of Government ownership. Furthermore, the key rating drivers include the bank's stable funding, higher risk app...