Limassol - Moody's has raised the short-term foreign currency deposit ratings of six Kuwaiti banks from Prime-2 to Prime-1.
The short-term foreign currency deposit ratings of Al Ahli Bank, Bank of Kuwait and the Middle East, Burgan Bank, Commercial Bank of Kuwait, Gulf Bank and Kuwait Finance House are affected by this action, while the short-term foreign currency deposit ratings of National Bank of Kuwait, already placed at P-1, are unaffected. By the same action, Moody's has also upgraded the rating of Commercial Bank of Kuwait's ECP programme to P-1 from P-2. The outlook on the A2 long-term foreign currency deposit ratings of all banks mentioned remains positive, in line with the positive outlook on the country ceiling for Kuwait.
This action follows the continued strengthening of the country's fiscal and external positions, as well as increased internal political stability evidenced by the successful conclusion regarding the succession of the new Emir, together with the country's significantly improved systemic liquidity position. Combined with continued structural reforms and very large net asset positions, Kuwait's very healthy liquidity position alleviates any potential concerns regarding timeliness of support that may have existed in the past, resulting in P-1 short-term ratings for all of the country's rated commercial and Islamic banks.
The following ratings are affected by today's action:
Al Ahli Bank of Kuwait: Short-term foreign currency deposit rating upgraded to P-1 from P-2.
Bank of Kuwait and the Middle East: Short-term foreign currency deposit rating upgraded to P-1 from P-2.
Burgan Bank: Short-term foreign currency deposit rating upgraded to P-1 from P-2.
Commercial Bank of Kuwait: Short-term foreign currency deposit rating upgraded to P-1 from P-2.
Commercial Paper rating upgraded to P-1 from P-2.
Gulf Bank: Short-term foreign currency deposit rating upgraded to P-1 from P-2.
Kuwait Finance House: Short-term foreign currency deposit rating upgraded to P-1 from P-2.
-Ends-
For more information please contact:
London
Adel Satel
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Limassol
Boyd Anderson
Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
© Press Release 2006
