For full coverage of Middle East business events, see MEED Fitch Ratings said today that it has assigned Kuwait-based Burgan Bank a long-term issuer default rating (IDR) of A+ with a stable outlook and a short-term IDR of F1. “Burgan’s…
Category: Kuwait
NBK forecasts Kuwait economic growth
National Bank of Kuwait (NBK) has forecast the Kuwaiti economy will grow in nominal and real terms in 2016, but only if oil prices recover from levels seen at the end of 2015. It said in an end-of year review of trends…
Fitch affirms Kuwait at AA
For full coverage of Middle East business developments, see MEED Fitch Ratings has affirmed Kuwait’s long-term foreign and local currency issuer default ratings (IDR) at AA. The outlooks are stable. The country ceiling has been affirmed at AA+ and the…
IMF forecasts lower oil prices in 2016
For full coverage of Middle East business developments, see MEED The IMF has revised down its oil price forecast for 2016 in its annual Article IV report on the economy of Kuwait released today. It shows the average price of…
Listed Kuwait corporate profits disappoint in Jan-Sept
For full coverage of Middle East business developments, see MEED The financial results for the first nine months of 2015 of corporates listed on the Kuwait Stock Exchange (KSE) were disappointing, a report issued today by National Bank of Kuwait…
NBK floats its first KD bond
The National Bank of Kuwait’s issue of KD 125 million of subordinated Tier 2, Basel III compliant bonds, the bank announced today was oversubscribed by 100 per cent, the bank said today. They are the first investment grade-rated Basel III-compliant,…
Kuwaiti banks to be lifted by government spending: Fitch Ratings
Kuwait’s banking industry should continue to perform robustly despite lower oil prices because of the strength of the Kuwaiti government’s financial position and developing plans for higher public spending on major projects, Fitch Ratings says in a report issued today.…
Kuwait to consider further fuel price rises
The Kuwait cabinet will discuss two studies, one completed by Kuwait Petroleum Corporation (KPC), about increasing domestic fuel prices, the daily Kuwait times reported this morning. It said the studies have been sent to the cabinet to be discussed by…
Deficit projected in Kuwait’s 2015/16 budget
Kuwait’s parliament has approved the country’s budget for 2015/2016 which projectws a deficit of KD 8.2bn ($ 27bn), including the transfer of 10 per cent of the revenues to the Future Generations Fund. This deficit, which represents about half of…
Fitch affirms AA rating for Kuwait
Fitch Ratings has affirmed Kuwait’s long-term foreign and local currency Issuer Default Ratings (IDR) at AA with a stable outlook. The country ceiling has been affirmed at AA+ and the short-term foreign currency IDR at F1+. Fitch says Kuwait’s ratings…