Mubasher: Moody's Investors Service affirmed Warba Bank’s ratings of the long-term and short-term deposits in both local and foreign currencies at “Baa2” and “Prim-2”, respectively, with a “Stable” Outlook.
The baseline credit rating of Warba Bank was affirmed at “ba3”, Moody’s said in a report issued on Tuesday.
These ratings reflect the probability for the Kuwaiti government to provide total support to Warba Bank once it is needed, Moody’s noted.
Moody’s expected that Warba Bank will succeed in keeping its financing baseline, which mainly depends on government deposits.
It is noteworthy that Warba Bank last week announced its participation in a joint financing worth $1.25 billion to the Islamic Development Bank, with an annual return of 2.661%.
