Fitch assigns Kuwait Finance House ratings

03 February 2003
UK-based Fitch Ratingsannounced on 11 December that it has assigned long-term, short-term, individual and support ratings to Kuwait Finance House (KFH) of 'BBB+', 'F2', 'C' and '2' respectively. The rating outlook is stable.

Fitch said that the Islamic bank's ratings reflect its strong domestic franchise, shareholding structure, through which potential support would be forthcoming, together with consistently strong profitability, low cost funding and adequate capitalisation. The bank enjoys a competitive advantage since it is the only Islamic bank operating in Kuwait, Fitch added. KFH is the second largest Islamic financial institution in the Middle East, after Saudi Arabia's Al-Rajhi Banking & Investment Corporation (MEED 22:2:02).

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