Mubasher: Capital Intelligence (CI) has upgraded Burgan Bank’s debt securities, bonds, worth KWD 100 million to “A-” from “BBB+”, with a “Stable” Outlook.
This classification follows promoting the bank’s long-term foreign issuer default rating (IDR) to “A” from “A-”, according to a bourse statement on Thursday.
Burgan Bank is currently the second largest traditional commercial bank in Kuwait in terms of assets.
The bank is mainly owned by Kuwait Projects Holding (KIPCO).
At the stock level, Burgan Bank closed Thursday’s session 1.33% higher at 305 fils.
