NBK receives top S&P rating
Kuwait City, April 30, 2013
Standard & Poor’s, the international credit rating agency, has affirmed the long-term credit ratings of National Bank of Kuwait (NBK) at A+, the highest in the Middle East.
Earlier this month, Moody’s Investors Service affirmed NBK`s Aa3/ Prime- 1 long- and short-term deposit ratings and the bank’s C standalone bank financial strength rating (BFSR), equivalent to a baseline credit assessment of a3, the highest in the Middle East. The outlook on the ratings is stable, a statement from the bank said.
In its latest report on NBK, Standard & Poor’s pointed out that NBK’s major rating strengths include the leading commercial position in its domestic market, strong capitalisation on the back of good earning capacity, and more resilient asset quality than that of its peers.
The agency said NBK's business position is strong. The bank's business position will remain stable, underpinned by its leading position in Kuwait, long track record of good and stable performance, as well as good and experienced management.
Standard & Poor’s assessed NBK's capital and earnings as "strong," mainly based on the bank's level of capitalisation and profitability, the statement said.
NBK is the only Arab bank to be listed among the world’s 50 safest banks seven times in a row. – TradeArabia News Service