Mubasher: Moody's Investors Service on Thursday affirmed the long-term issuer ratings of the Kuwaiti government at Aa2, with a stable outlook.

The rating was based on the country’s massive wealth and hydrocarbon reserves, which maintain its role in supporting Kuwait’s sovereign fiscal strength and creditworthiness, according to a report released by Moody’s.

“The stable outlook reflects Moody's expectation that Kuwait's extremely high fiscal strength will be largely preserved through oil price fluctuations and long-term demographic pressure,” the report added.

Moody’s kept Kuwait's long-term and short-term foreign-currency bond and deposit ceilings unchanged at Aa2 and Prime-1, respectively.