S&P ups Kuwait

Standard & Poor's said it raised its long-term sovereign credit rating on the State of Kuwait to AA- from A+.

At the same time, the short-term A-1+ sovereign credit rating was also affirmed, the agency said.

The outlook is stable.

In addition, S&P said it raised its transfer and convertibility assessment on Kuwait to AA+ from AA.

The upgrade reflects the increase in the financial strength of the country and the government over the past few years, the agency noted.

According to the agency, the ratings are also supported by a track record of prudent macroeconomic policies.

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