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Fitch affirms KFH rating at ‘A+’; outlook ‘Stable’

Fitch affirms KFH rating at ‘A+’; outlook ‘Stable’
Fitch has also affirmed the lender’s viability rating at (bb+)
KFH
KFH
-0.37% 800.00 -3.00

Mubasher: Fitch Ratings has affirmed Kuwait Finance House’s (KFH) long-term issuer default rating (IDR) at “A+”, with a “stable” outlook.

The stable outlook on KFHs Long-Term IDR reflects that on the Kuwaiti sovereign rating, the New York-based ratings agency said.

Fitch has also affirmed the lender’s viability rating at (bb+), according to a filing to Boursa Kuwait on Thursday.

The bank noted that this rating has no impact on its financial position.

“An (A+) Long-Term IDR can correspond to a Short-Term IDR of either (F1) or (F1+),” Fitch said.

KFH has a strong franchise as the largest Islamic lender in Kuwait and the GCC country's second-largest bank, with a market share of about 23% by assets at end of the first half of 2018.

By 10:52 am Kuwait time, KFH’s stock declined 0.34% at 588 fils.