S&P affirms Kuwait

Standard & Poor's said it affirmed its A+ long-term and A-1+ short-term foreign and local currency sovereign credit ratings on the State of Kuwait.

The outlook is stable.

S&P stated that the ratings on the State of Kuwait are supported by its significant resource endowment and net external asset position, estimated at about 219% of current account receipts in 2006.

The ratings are also supported by a track record of prudent macroeconomic policies, the agency noted, adding that over the past four years, the central government budget registered an average surplus of 24% of GDP, peaking at almost 36% in fiscal year 2005/2006.

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