Fitch: Warba Bank’s IDR Affirmed at ‘A+’; ‘bb-’ VR Placed on Rating Watch Negative

Warba Bank’s (WB) long-term Issuer Default Rating (IDR) has been affirmed at ‘A+’ by Fitch Ratings (Fitch) with a Stable Outlook.

The rating affirmation of WB’s IDRs are driven by support from the Kuwaiti State, which is rated AA/Stable by Fitch and 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. Kuwait’s sovereign rating was also a driver of the Stable Outlook on WB’s IDRs.

Meanwhile, WB’s Viability Rating (VR) of ‘bb-‘ has been placed by Fitch on Rating Watch Negative (RW...