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Fitch Ratings affirms 9 Kuwaiti banks

Fitch Ratings affirms 9 Kuwaiti banks
KIB
KIB
1.80% 170.00 3.00
ALMUTAHED
ALMUTAHED
-0.35% 288.00 -1.00
KFH
KFH
-0.37% 800.00 -3.00

BOUBYAN
BOUBYAN
0.65% 620.00 4.00
ABK
ABK
-0.39% 254.00 -1.00
NBK
NBK
-0.41% 960.00 -4.00

CBK
CBK
1.39% 512.00 7.00
Fitch Ratings has affirmed the long-term issuer default ratings (IDR) of National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Gulf Bank (GB), Commercial Bank of Kuwait (CBK), Al Ahli Bank of Kuwait (ABK), Ahli United Bank (Kuwait) (AUBK), Kuwait International Bank (KIB), Industrial Bank of Kuwait (IBK), Boubyan Bank (Boubyan) and NBK's UK-based wholly owned subsidiary National Bank of Kuwait (International) Plc (NBKI).

The Kuwaiti banks' IDRs, Support Ratings (SR) and Support Rating Floors (SRF) reflect Fitch's view that there is an extremely high probability of support being provided by the Kuwaiti authorities to all domestic banks if needed.

This is reflected in the SR of '1' and the SRF of 'A+' for all rated banks (apart from NBK) irrespective of their size, franchise, funding structure and the level of government ownership.

NBK is assigned a SRF one notch higher at 'AA-' given its unique status as the flagship bank in Kuwait, its historical role in the domestic banking sector and close business and strategic links with the state.