Fitch upgrades rating of five Kuwaiti banks

08 September 2008
Rating agency Fitch Ratings has upgraded the credit rating of five Kuwaiti banks based on an upgrade of the Kuwaiti sovereign rating from AA- to AA and the increased ability of the government to give financial support to the banking sector if required.

National Bank of Kuwait has been upgraded to AA- from A+, while Kuwait Finance House, Commercial Bank of Kuwait, Industrial Bank of Kuwait and Gulf Bank, have all been upgraded to A+ from A.

On 4 September Fitch upgraded the Kuwaiti sovereign credit rating following the huge surplus being generated by high oil prices (MEED 4:9:08).

The rating agency says all five banks have been deemed highly likely to receive financial support from the state due to their size and the government's ownership of stakes in the banks.

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