Fitch downgrades 11 Kuwaiti banks – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Fitch downgrades 11 Kuwaiti banks – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

DUBAI, Feb 9: Fitch Ratings has downgraded 11 Kuwaiti banks’ Long- Term Issuer Default Ratings (IDRs). Their Outlooks are Stable.

The banks are National Bank of Kuwait SAKP (NBK), Kuwait Finance House KSCP (KFH), Boubyan Bank KSCP (BBY), Gulf Bank KSCP, Burgan Bank KPSC (BB), Al Ahli Bank of Kuwait KSCP, Commercial Bank of Kuwait KPSC, Ahli United Bank KSCP (AUBK), Kuwait International Bank KSCP (KIB), Warba Bank KSCP (WB) and Industrial Bank of Kuwait KSC (IBK). Fitch has also downgraded the support-driven Long- Term IDRs of NBK’s subsidiaries, NBK (International) PLC (NBKI) and NBK France SA (NBKF) and of BBY’s subsidiary, Bank of London and the Middle- East PLC (BLME).