Fitch has affirmed the long-term credit rating of Kuwait International Bank (KIB) at + A; With a stable outlook.
KIB said in a statement to the Kuwaiti Stock Exchange, today, Wednesday, that the agency had affirmed the bank's self-capacity rating as well at the -b level.
The bank stated that the confirmation of the agency's credit opinion in the KIB ratings strengthens the bank's financial position and its operating environment.
and the agency's report stated that the stable outlook for the bank's ability to fulfill its long-term obligations is a reflection of Kuwait's sovereign rating, as it supports this AA sovereign rating with a stable outlook. The strong external financial position and the enormous group of assets owned by the Kuwait Investment Authority.
Fitch notes in her report that the bank's rapid growth and enforcement of Basel III rules have reduced capitalization levels above the minimum requirements; But the capital ratios continued well compared to their peers.
the agency also added that the liquidity risk of Kuwait International Bank is still under control.
Fitch issued a report in late November assigning a long / short term A + / F1 credit rating to the bank's unsecured sukuk under the $ 2 billion Sukuk issuance program.
It is reported that KIB's profits fell 95.6% in the first nine months of this year, to reach 567.78 thousand dinars, compared to 12.8 million dinars profits for the same period of Year 2019.
