Kuwait – Mubasher: Standard and Poor's Ratings Services (S&P) affirmed its 'A+/A-1' long- and short-term counterparty credit ratings on National Bank of Kuwait (NBK), with a stable outlook.
In its report published on Sunday, S&P expected NBK to benefit from the Kuwaiti government's infrastructure spending, which leads to strong profitability and capitalisation.
The stable outlook reflects the agency’s view that the bank's asset quality will remain stable.
S&P also expected the bank to maintain its strong franchise, with its largest subsidiaries, Boubyan Bank in Kuwait and NBK Egypt, are expected to be strong contributors to earnings given that the demand for Islamic banking in Kuwait remains healthy and the economic environment in Egypt is improving
“We continue to view NBK's business position as strong, reflecting the bank's leading position in Kuwait, good and stable performance through the full economic cycle, and good management,” the rating agency said.
