Fitch downgrades 10 Kuwaiti banks

Fitch Ratings said it downgraded 10 Kuwaiti banks' long-term issuer default ratings to A from A+ and those with subordinated ratings to BBB+ from A-.

The rating actions follow a similar action on Kuwait's sovereign rating on Jan. 27, 2022 (see "Fitch Downgrades Kuwait to AA-; Outlook Stable at www.fitchratings.com),” the agency said in a press release.

The banks are Ahli United Bank KSCP, Boubyan Bank KSCP, Burgan Bank KPSC, KIB Sukuk Ltd., Warba Sukuk Ltd., Boubyan Sukuk Ltd., Al Ahli Bank of Kuwait KSCP, Kuwait International Bank, National Bank of Kuwait SAKP and Warba Bank.

Their outlooks are stable.

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