Fitch Affirms Kuwait International Bank’s Long-Term IDR at A+; Negative Outlook

Fitch Ratings (Fitch) has affirmed Kuwait International Bank’s (KIB) Long-Term Issuer Default Rating (IDR) at A+ with a Negative Outlook. In addition, Fitch has affirmed KIB’s Viability Rating (VR) at bb-.

Ratings Rationale

KIB’s IDR is driven by support from the Kuwaiti state, with the Support Rating (SR) of 1 and Support Rating Floor (SRF) of A+ reflecting Fitch’s anticipation of high support by Kuwaiti authorities to all domestic banks. This is underpinned by Kuwait’s robust ability to provide support to domestic banks irrespective of bank size, funding structure and level of government ownership, and is reflected by the sovereign rating of AA/Negative. The Negative Outlook is indicative of the Kuwaiti sovereign rating...