Fitch rates National Bank of Kuwait program AA-

Fitch Ratings said it assigned National Bank of Kuwait's (NBK; AA-/Stable/a) $3 billion new global medium term note program a senior unsecured long-term rating of AA- and senior unsecured short-term rating of F1+.

The ratings of the program apply only to senior issuance. There is no assurance that notes issued under the program will be assigned a rating. Any issuance of subordinated or junior notes under the program will be rated on a case-by-case basis.

The program is unconditionally and irrevocably guaranteed by NBK.

The ratings assigned to the program reflect the agency’s expectation that NBK will honor its obligations under the guarantee.

Notes under the program will be issued by NBK SPC Ltd., a special purpose company with limited liability established in Dubai International Financial Centre. NBK SPC is set up solely to act as the issuer of debt funding.

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