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Moody’s places ‘Aa3’ rating for NBK’s long-term IDR

Moody’s places ‘Aa3’ rating for NBK’s long-term IDR
The rating reflects NBK’s ability to maintain robust performance
NBK
NBK
-0.41% 960.00 -4.00

Mubasher: Moody’s Investors Service has assigned a rating of ‘Aa3’ for the long-term issuer default rating (IDR) of the National Bank of Kuwait (NBK), with a ‘Stable’ outlook.

The rating reflects the bank’s ability to maintain robust performance and solid financial metrics, while the 'Stable' outlook reflects strong asset quality and liquidity as well as capitalisation ratios, considering the 'Stable' sovereign rating of Kuwait, according to a bourse disclosure on Monday. 

The New York-based credit rating company further highlighted that the NBK is considered the largest financial institution in Kuwait that accounts for a market share of 36% of total banking sector assets by the end of 2018. The Kuwaiti bank’s assets totalled KWD 29.3 billion (nearly $97 billion) by the end of last year.