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CI upgrades Burgan Bank’s ratings

CI upgrades Burgan Bank’s ratings
short-term foreign currency rating (ST FCR) were affirmed at 'A1'.
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Mubasher: Capital Intelligence (CI) raised the long-term foreign currency rating (LT FCR) of Burgan Bank to ‘A+’ from ‘A’, with a 'Stable' outlook, and affirmed the short-term foreign currency rating (ST FCR) at 'A1'.     

The agency also upgraded the bank standalone rating (BSR) to ‘bbb+’ from ‘bbb’, according to a bourse statement on Sunday.

Burgan Bank’s BSR and core financial strength (CFS) ratings back the bank's good quality of assets, the ability to absorb credit losses while boosting liquidity measures and profitability.   

The international credit rating agency, moreover, affirmed the rating of Burgan Bank's KWD 100 million subordinated bond (Basel III compliant) at 'BBB', with a 'Stable' outlook.