The credit rating agency, Standard & Poor's Global Ratings, has affirmed Boubyan Bank's long-term rating at (A-); With a stable outlook.
Boubyan said in a statement to the Kuwaiti Stock Exchange today, Tuesday, that the agency confirmed the bank's classification without support at the (bbb) grade.
The bank stated that confirming the previous rating enhances confidence in Boubyan and in the strength of its financial position.
and the agency stated in its report that there will be pressure on the capitalization of Boubyan Bank during the period from 2020 to 2022 as a result of the increase in the bank's share in Bank of London and the Middle East as a result of the loss that was recorded once. One as a result of the Central Bank of Kuwait's decision to postpone premiums and lower profits.
she added that this decision resulted in a risk adjusted capital ratio of 9% in June 2020, which is likely to remain within this level over the next two years.
Nevertheless, Standard & Poor's believes that Boubyan Bank's assets will remain strong as a result of the bank's relationship with major clients and that its exposure to consumer financing is supported by government salaries. >
and stated that the (stable) future view of the bank reflects its strength in services to individuals as well as the agency's aspiration for Boubyan commercial and financial center to remain resilient in the face of unfavorable winds in the economy. Total over the next 12 to 24 month period.
and the upgrading of the classification during the next 12 to 24 months is dependent on either the substantial strengthening of Boubyan Bank's capitalization or the raising of the sovereign credit rating.
