Capital Intelligence (CI) affirmed the United Gulf Bank’s (UGB) long and short-term foreign currency rating at “BBB” and “A3” respectively.

The rating agency said it assigned these ratings based on UGB’s strong ownership along with its financial and liquidity position which is strengthened by the bank’s parent group Kuwait Projects Company Holding (KIPCO).

CI affirmed the bank’s Support Level at “3”, which reflects the high likelihood of support from the parent KIPCO which was affirmed at ”BBB”.

CI’s issued report noted that “The ratings are underpinned by UGB’s good debt repayment record, access to short-term funding, and the sound quality of its investment portfolio.”