Mubasher: Moody's Investors Service has affirmed Gulf Bank of Kuwait’s (GBK) long-term deposits at “A3”.

The rating agency had upgraded GBK’s outlook to “Positive” from “Stable”, according to a bourse statement on Monday.

GBK’s short-term deposits were affirmed at “Prime-2”, while the baseline credit assessment was affirmed at “ba1”.

The bank clarified that the credit ratings were endorsed by GBK’s good assets and profitability during the coming 12 to 18 months, in addition to a possibility of registering lower losses in the loans portfolio.

Moody’s rating was also impacted by the political tension and the decline in oil prices; this may form credit risks on GBK’s assets.