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Fitch affirms ABK, Boubyan Bank’s IDRs at ‘A+’; Outlook ‘Stable’

Fitch affirms ABK, Boubyan Bank’s IDRs at ‘A+’; Outlook ‘Stable’
ABK’s VR was affirmed at ‘BB+’
BOUBYAN
BOUBYAN
0.49% 619.00 3.00
ABK
ABK
1.18% 258.00 3.00

Mubasher: Fitch Rating has affirmed all ratings of Boubyan Bank and Al Ahli Bank of Kuwait (ABK), with a ‘Stable’ outlook.

The agency affirmed Boubyan Bank’s long-term issuer default rating (IDR) at ‘A+’, and the short-term IDRs at ‘F1’. The agency affirmed Boubyan Bank’s long- and short-term issuer default rating (IDR) at ‘A+’ and ‘F1’, respectively.

Furthermore, the bank’s viability rating (VR) was affirmed at ‘BBB-’, support rating (SR) at ‘1’, and the support rating floor ‘SRF’ at ‘A+’, Boubyan Bank disclosed to Boursa Kuwait on Sunday.

The ratings affirmed by Fitch will enhance Boubyan Bank’s credibility, reflecting its strong financial position.

Meanwhile, the agency affirmed ABK’s long-term IDRs at ‘A+’, and the short–term IDRs at ‘F1’.

Moreover, ABK’s VR was affirmed at ‘BB+’, the SR at ‘1’, and the SRF at ‘A+’, according to a disclosure to Boursa Kuwait to Sunday.

ABK’s investment-grade rating remained unchanged for the past few years. The current ratings will have no major impact on ABK’s position in the short run, the bank said, noting that if the local and regional markets revive, the ratings are expected to improve; this shall reflect positively on the bank’s position.