Mubasher: Moody's Investors Service has affirmed Boubyan Bank's Baa1 long-term deposit rating, and changed the outlook on the bank's long-term deposit ratings to positive from stable.
Moody's affirmation reflects Boubyan's growing domestic retail and corporate franchise, which supports its solid profitability metrics, strong capital buffers and stable funding profile, according to the rating agency's report issued on Tuesday.
The report also said that the change in outlook reflects the progressive growth in Boubyan's domestic market share and strengthens its strategic and financial importance to its parent National Bank of Kuwait (NBK) and to the domestic financial system, which increases the likelihood of parental support in case of need, the report added.
