Fitch affirms Kuwait

Fitch Ratings said it affirmed Kuwait's long-term foreign- and local-currency issuer default ratings at AA, country ceiling at AA+ and short-term foreign-currency issuer default rating at F1+.

Kuwait recorded a 20% of GDP fiscal surplus in 2009, outperforming its peers in the Gulf Cooperation Council, Fitch said.

But it suffered the deepest recession in the council as private sector confidence buckled and the financial sector coped with a sharp rise in impaired loans, the agency said.

The balance sheet is among the strongest of rated sovereigns and this is an overriding support to the ratings, Fitch added.

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