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Kuwait sovereign fund's assets reach $535bn - S&P

Kuwait sovereign fund's assets reach $535bn - S&P
Photo Credit: Arabianeye - Reuters.

Kuwait-Mubasher: The assets of Kuwait sovereign wealth fund are estimated at $535 billion at the end of 2015, said Standards & Poor's (S&P).

Global oil prices declined further since the agency's latest rating in August 2015.

The agency had revised its forecasts for oil prices in January, expecting them to see more decline from 2016 to 2019.    

S&P maintained Kuwait's credit rating at 'AA', with Stable Outlook.

The agency projected the state's GDP and public spending to fall, stating that Kuwait has built huge net financial assets over the past years and these assets will help it overcome the current decline in oil prices.