Burgan Bank announced that Standard & Poor's credit rating agency has affirmed the bank's rating at BBB+; With an adjustment to the future outlook from stable to negative.
Burgan said in a statement to the Kuwait Stock Exchange, today, Tuesday, that the revision of the future outlook comes after the agency downgraded the sovereign rating of Kuwait from (AA-) to (+ A) With a negative outlook.
The bank explained that the negative outlook reflects the risks over the next 12-24 months regarding the ability of the Kuwaiti government to overcome the institutional obstacles that prevent it from implementing a deficit financing strategy. financial future.
Capital Intelligence in late May confirmed Burgan's ratings with an emphasis on a stable outlook for the bank.
It is worth noting that Burgan's profits fell in the first quarter of this year by 71%; To reach 5.06 million dinars, compared to profits for the same period in 2020, amounting to 17.231 million dinars.
