Moody's lifts Kuwait banks' view to positive

Moody's Investors Service said it changed to positive from stable the outlook on the A2 long-term foreign currency deposit rating of National Bank of Kuwait and the A2/P-2 long- and short-term foreign currency deposit ratings of Al Ahli Bank, Bank of Kuwait and the Middle East, Burgan Bank, Commercial Bank of Kuwait, Gulf Bank, Gulf Investment Corp. and Kuwait Finance House.

In addition, Moody's said it changed to positive the outlook on Commercial Bank of Kuwait's P-2 commercial paper rating and on Gulf Investment Corp.'s A2 senior unsecured ratings.

Moody's said it believes that the Kuwaiti bank ratings are likely to rise with the country's foreign currency deposit ceiling. The outlook on all the banks' other ratings remains unaffected.

This action follows Moody's change of Kuwait's sovereign outlook to positive earlier this year, in light of the further strengthening of the country's fiscal and external positions and the successful conclusion regarding the succession of the new Emir.

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