Fitch Ratings on Monday affirmed Commercial Bank of Kuwait's (CBK's) long-term issuer default rating (IDR) at 'A+' with stable outlook.

At the same time, its individual rating has been downgraded to 'C/D' from 'C'. Fitch has also affirmed CBK's short-term IDR at 'F1', its support at '1' and support rating floor at 'A+'.

CBK's IDR and support rating reflect the extremely high probability of support from the Kuwaiti authorities, in case of need, said a report in our sister publication, the Gulf Daily News.

Fitch's assessment of support is based on CBK's importance to the local economy and strong domestic franchise, the financial strength of Kuwait and its long history of supporting its domestic banks.

In Fitch's view, Kuwait's level of support has historically gone beyond that provided by most other supervisory authorities. – TradeArabia News Service