Kuwait-Mubasher: Fitch Ratings has affirmed Kuwait's long-term foreign and local currency issuer default ratings (IDR) at 'AA', with Stable Outlook.
The country ceiling has been affirmed at 'AA+' and the short-term foreign currency IDR at 'F1+'.
Kuwait's key credit strengths are its exceptionally strong fiscal and external metrics and, at around USD 48/barrel, one of the lowest fiscal break-even Brent oil prices among Fitch-rated oil exporters.
Forecast fiscal and external surpluses will continue to add to the country's existing buffers, if at a lower rate than historically, Fitch said.
These strengths are tempered by Kuwait's heavily oil-dependent economy, a degree of geopolitical risk, and weak scores on measures of governance and ease of doing business.
Kuwait has ample assets to cover medium-term spending needs, the agency stated.
