S&P affirms Kuwait

Standard & Poor's said it affirmed its AA-/A-1+ sovereign credit ratings on the State of Kuwait.

The outlook is stable.

The ratings on the State of Kuwait are supported by the sovereign's rich resource endowment, which, combined with prudent policies, has enabled the State to build very strong external and fiscal balance sheet positions in recent years, according to the agency.

In its view, these strengths comfortably balance its view of the State's increased contingent liabilities, high institutional risks, and the slow progress thus far on structural reform, which remains a constraint upon economic growth, S&P noted.

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