Moody's ups Kuwait view to stable

Moody's Investors Service said it changed the outlook on Kuwait's Aa2 sovereign ratings to stable from negative.

The outlook revision reflects improved government effectiveness reflected by parliament's approval of some long-awaited items of economic legislation, Moody's said, and Kuwait's strong fiscal and external performance relative to its rating peers.

Since the formation of a new government in June 2009, a number of important pieces of economic legislation have been passed by the Kuwaiti parliament, the agency said.

The new legislation includes a privatization law, a four-year development plan, a capital markets law and a labor law, Moody's said.

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