Mubasher: Al Ahli Bank of Kuwait (ABK) announced that Moody’s Investors Service has updated its credit analysis for the bank as released on 5 February 2019, according to a bourse disclosure on Wednesday.
Moody’s have classified ABK’s deposits and long-term unsecured bonds at “A2”. This has endorsed the credit rating of the bank at “baa3”.
The rating agency noted that this rating indicates a possibility for ABK to be government-backed in Kuwait.
It also added that this update reflects ABK’s solid capital base with noticeable TCE with the RWA reaching 15.3% as by end-September 2018.
ABK said that the credit rating of the bank has remained unchanged in the past few years.
In the long run, ABK expects a revive in the local and regional market with forecasts of positive performance.
