KuwaitUS credit rating agency Standard & Poor’s (S&P) has upgraded the long-term credit rating of National Bank of Kuwait (NBK) to A from A-. ‘The rating reflects NBK’s track record of strong performance, its pre-eminent position in the domestic market and adequate capitalisation,’ the rating agency said.

At the end of June, NBK’s total assets stood at about KD 5,200 million ($17,264 million). Net profits of the bank increased 5.3 per cent to $195 million for the first half of 2003, compared with the corresponding period the previous year (MEED 11:7:03).