Fitch affirms Kuwait at AA

Fitch Ratings said it affirmed Kuwait's long-term foreign-currency issuer default rating at AA with a stable outlook.

Fitch said Kuwait's key credit strengths are its exceptionally strong fiscal and external metrics and, at a forecast $56/bbl, one of the lowest fiscal breakeven Brent oil prices among Fitch-rated oil exporters.

These strengths are tempered by Kuwait's heavily oil-dependent economy, geopolitical risk, and weak governance and business environment, the agency explained. A generous welfare state and the large economic role of the public sector present increasing challenges to public finances, given robust growth of the Kuwaiti population.

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