Kuwait's Long-term foreign and local currency Issuer Default Ratings (IDR) have been affirmed by Fitch Ratings at 'AA' with a 'Stable' outlook. The Gulf state's Country Ceiling was also affirmed at 'AA+', and the Short-term foreign currency IDR at 'F1+'. Kuwait's balance sheet is among the strongest of Fitch-rated sovereigns and this is an overriding support to the ratings, Fitch said. "Debt is low and foreign assets were worth over $284bn (238% of GDP) at end-2009, based on official disclosures to the national assembly, and the agency's own assumptions. This gives Kuwait the resources to smooth most conceivable oil price shocks and inject capital or liquidity into the financial system if needed," the rating agency said.