Moody's ups Kuwait outlook to positive

Moody's Investors Service said it today changed the outlook on Kuwait's sovereign ratings to positive from stable. The outlook change affects Kuwait's A2 issuer rating for long-term foreign currency government bonds, its A2 issuer rating for long-term domestic currency government bonds, its A2 country ceiling for long-term foreign currency bonds and notes and its A2 country ceiling for long-term foreign currency bank deposits.

Moody's said that the upgrade reflects the significant improvement in Kuwait's fiscal and external current accounts over the past several years, which has led to the further accumulation of net foreign assets by both the public and private sectors.

The agency said it has also been encouraged by the recent clarification regarding the path of succession to the emirship, uncertainty over which had previously been a rating constraint.

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