Mubasher: Standard and Poor’s rating agency has assigned ‘A’ long-term credit ratings to Boubyan Bank, with a stable outlook.
The bank’s anchor and stand-alone credit profile (SACP) was assigned ‘bbb’ rating, according to a bourse statement released on Thursday.
“[The bank] has a strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories,” the statement added.
The rating supports confidence in the Boursa Kuwait-listed bank and its financial position. The stable outlook reflects the stability of the bank’s rating in the intermediate term.
It is noteworthy that Boubyan Bank’s profit amounted to KWD 16.36 million ($53.93 million) in Q3-19, compared to KWD 14.57 million ($48.03 million) in the year-ago period.