The credit rating agency Standard & Poor's downgraded the National Bank of Kuwait credit rating in conjunction with the recent downgrade of the sovereign rating of the State of Kuwait by the agency.

The National Bank of Kuwait said in a statement to the Kuwaiti Stock Exchange today, Tuesday, that the agency reduced the long-term bank rating from (A +) to category (A), with a look Stable future.

The bank indicated that the rating reflects the effect resulting from the reduction of the sovereign rating of the State of Kuwait to (-AA) issued by the agency at the end of last week.

As for the stable outlook, the bank said that it reflects the agency’s conviction that the National Bank of Kuwait will maintain a stable capitalization level, with the ratio of risk-adjusted capital to more than 10 percent over Next 12-24 months.

The bank’s profits increased 8.3% to 401.29 million dinars last year, while the general assembly agreed in early March to the proposed dividends for 2019 by 35% in cash and 5% Grant.