S&P ups Kuwait to Group 4

Standard & Poor's said it raised its Banking Industry Country Risk Assessment on the State of Kuwait (AA-/stable/A-1+) to Group 4 from Group 5.

The agency said that this action primarily reflects the improvement in economic risk, factoring in the improved government's financial strength over the past few years, amid a very supportive economic environment and its beneficial impact on the creditworthiness of Kuwaiti banks.

S&P noted that the improvement in banking industry country risk is a positive element that underpins all credit ratings on banks in Kuwait.

This action alone will not lead to upgrades of Kuwaiti banks, but combined with positive trends in other factors specific to an individual bank, it could contribute to a change in the ratings on a bank, the agency added.

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