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Fitch affirms National Bank of Kuwait
Fitch Ratings said it affirmed the National Bank of Kuwait's long-term issuer default rating at AA- and short-term issuer default rating at F1+.
The outlook is stable.
The ratings reflect the extremely high probability of support from the government of Kuwait, should it be required, considering the bank's importance to the Kuwaiti banking system, Fitch said.
The bank maintained sound profitability ratios in 2010 and net income continued to grow in the first quarter of 2011, the agency said.
The bank is expected to generate sound profits throughout 2011, despite the more difficult conditions in certain Middle East markets, Fitch added.
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