Mubasher: Fitch Ratings has affirmed Kuwait Finance House's Long-Term Issuer Default Rating (IDR) at 'A+', with a stable outlook, according to a bourse statement released on Wednesday.
The rating agency also affirmed the company’s Viability Rating at 'bb+' and assigned its trust certificate issuance programme final long- and short-term ratings of 'A+' and 'F1', respectively.
Kuwait Finance House’s IDRs support rating and support rating floor reflect a high likelihood of receiving support from the Kuwaiti authorities, which is provided to all domestic banks when needed, Fitch said.
“Fitch's expectation of support from the authorities is underpinned by Kuwait's strong ability to provide support to domestic banks, as reflected by the sovereign rating and a strong willingness to do so irrespective of the bank's size, franchise, funding structure, and level of government ownership,” the rating agency added.
The recent ratings may be changed based on Fitch's assumptions regarding the Kuwaiti authorities' ability to support the banking sector.
