Kuwait-Mubasher: Standard and Poor’s Financial Services has affirmed Burgan Bank’s long-term and short-term credit rating at BBB+ and A-2 respectively, the bank said in a bourse disclosure.
The rating reflects S&P’s view that Burgan will maintain an unchanged financial profile, despite the heightened economic risks in Kuwait, according to S&P’s report.
“We would consider a negative rating action on Burgan Bank in the unlikely scenario of significant deterioration in the bank's asset quality, which could occur if concentration risk materialises,” S&P noted.
The rating agency added “We expect a slight deterioration in the bank's asset quality and profitability over the next 12-24 months, due to the less supportive operating environment in Kuwait and Turkey, we think its financial profile will remain relatively stable.”
