Mubasher: The Commercial Bank of Kuwait (CBK) disclosed that Fitch Ratings has affirmed the bank’s long-term Issuer Default Rating (IDR) at “A+”, with a “Stable” Outlook.

The CBK’s Viability Rating (VR) was also affirmed at “bb”, according to a bourse statement issued on Tuesday.

“Fitch's expectation of support from the authorities is underpinned by Kuwait's strong ability to provide support to its banks, as reflected by its rating (AA/Stable) and strong willingness to do so irrespective of the banks' size, franchise, funding structure, and the level of government ownership,” the rating agency said.

The “Stable” Outlook on CBK's long-term IDR reflects the “Stable” Outlook on the Kuwaiti sovereign rating, it added.

Fitch has assigned short-term IDRs according to the mapping correspondence that is in line with the rating agency’s bank rating criteria.

At the stock level, CBK closed Tuesday 0.25% higher at 401 fils.