Kuwait – Mubasher: Capital Intelligence Ratings (CI) has affirmed National Bank of Kuwait's (NBK) long- and short-term foreign currency ratings at 'AA-' and 'A1+', respectively, with a stable outlook.

CI also affirmed NBK's financial strength rating (FSR) at 'A+' with a stable outlook, its newest note on the stock showed.

“The FSR is supported by the bank's strong management and dominant market share, good asset quality and the sound and reinforced the capital base. Profitability remains satisfactory, especially at the operating level and this too lends some support to the rating,” the Cyprus-based international credit rating agency said.

It went on to say that NBK’s and other Kuwaiti banks’ performance still has a positive outlook, benefiting from the strong national economy.

“Despite the faster pace of government tenders, contract awards, and overall capital spending, the Kuwaiti economy might continue to be affected by OPEC's decision to cut hydrocarbon production in order to boost oil prices.”