Commercial Bank Kuwait placed on 'Rating Watch Negative'

Commercial Bank of Kuwait's (CB) individual rating of 'C/D' has been placed by Fitch Ratings at Rating Watch Negative (RWN). The lender's other ratings have also been affirmed at Long-term Issuer Default (IDR) 'A+' with 'Stable' outlook, Short-term IDR 'F1', Support '1' and Support Rating Floor 'A+'. "The RWN reflects an increased level of uncertainty following the resignation of CB's Board of Directors, which was announced in a brief statement to the Kuwaiti stock-market on 17 January 2010," the rating agency said in a statement.