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Moody's affirms ratings of KFH, AUB Kuwait

Moody's affirms ratings of KFH, AUB Kuwait
Moody's affirmed KFH's, AUB's BCA
ALMUTAHED
ALMUTAHED
-1.20% 247.00 -3.00
KFH
KFH
-0.63% 628.00 -4.00

Mubasher: Moody's Investors Service has affirmed credit ratings of two Kuwaiti banks, according to a statement released on Friday.

The global rating agency affirmed the A1 / Prime-1 long and short-term domestic and foreign currency deposit ratings of Kuwait Finance House (KFH), changing its outlook to positive from stable.

Moreover, Moody's affirmed the A2 / Prime-1 long and short-term domestic and foreign currency deposit ratings of Ahli United Bank – Kuwait (AUB Kuwait), with a stable outlook.

The rating agency also affirmed KFH's and AUB's baseline credit assessments (BCA) and adjusted BCAs at baa3.

It is noteworthy that KFH’s net profit attributed to shareholders increased to KWD 82.83 million ($273.73 million) during Q3-19 when compared to KWD 73.885 million ($244.19 million) during the corresponding period in 2018.

Meanwhile, AUB Kuwait’s profits totalled KWD 14.48 million ($47.86 million) in Q3-19, compared to KWD 14.07 million ($46.51 million) in the corresponding period in 2018.