Mubasher: Moody's Investors Service has updated the National Bank of Kuwait’s (NBK) long-term deposit ratings to (Aa3), while the short-term deposit ratings stood at (Prime-1), with a stable outlook.

The US-based rating agency has also placed (Aa2/Prime–1) rating for the lender’s counterparty risk management, the bank said in a statement to Boursa Kuwait on Wednesday.

The rating is expected to boost NBK’s fiscal position in the local and overseas markets, along with reinforcing the bank’s stability and its capability to achieve positive results, Moody’s said.

In January, the Kuwaiti lender reported a growth of 15% in profits during the full-year 2018, registering KWD 370.71 million, from KWD 322.36 million a year earlier.