Mubasher: Fitch Ratings has affirmed Burgan Bank’s long-term Issuer Default Rating (IDR) at 'A+', with a “Stable” Outlook.

Burgan Bank’s Viability Rating (VR) has also been affirmed at 'bb', according to a bourse statement issued on Tuesday.

Fitch believes that this rating is reinforced by the Kuwaiti authorities' track record of support for the domestic banking system in case of need.

“The Central Bank of Kuwait operates a strict regime with hands-on monitoring to ensure the viability of the banks, and has acted swiftly in the past to provide support where needed,” Fitch said.

The “Stable” Outlook of Burgan Bank reflects the government’s sovereign rating in Kuwait, Burgan Bank added, according to Fitch’s statement.

At the stock level, Burgan Bank closed Tuesday’s session 0.57% lower at 348 fils.