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

Kuwait International Bank’s (KIB) long-term Issuer Default Rating (IDR) has received affirmation at ‘A+’ by Fitch Ratings (Fitch), with a stable outlook.

The rating affirmation of KIB’s IDRs are driven by support by the Kuwaiti State, which has a Support Rating (SR) of ‘1’ and a Support Rating Floor (SRF) of ‘A+’, indicating a strong record of assistance to Kuwait’s domestic banks if needed by Kuwaiti authorities. This is reflected by Kuwait’s sovereign rating (AA/Stable), and strong inclination to provide support irrespective of bank size, franchise, funding structure and level of government ownership. Fitch noted that Kuwait’s sovereign rating was also...