Mubasher: Moody’s Investors Service affirmed Al Ahli Bank of Kuwait’s (ABK) long-term local currency deposits at “A2”, which is the same rating for the bank’s long-term foreign currency deposits.

Moody’s has also affirmed ABK’s “Stable” Outlook, according to a bourse statement issued on Sunday.

The baseline credit rating of ABK reflects the solid capital base of the bank, endorsed by large reserves for losses from loans.

ABK’s revenues remained generally flexible before provisions; however, higher costs of provisions affected the bank’s profitability, the statement noted.