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Kuwait's sovereign ratings face downgrade
- Kuwait: Thursday, March 19 - 2009 at 12:15
Kuwait's sovereign ratings have been placed on review by Moody's Investors Service for possible downgrade. Those under review are the Aa2 local and foreign currency government bond ratings and the Aa2 country ceiling for foreign currency bank deposits. Moody's said the move was because of the resignation of Kuwait's government and the dissolution of its parliament. 'In Moody's opinion, these events reflect an erosion of institutional strength, which is of particular concern given the current challenges presented to Kuwait by the global economic and financial crisis,' said Tristan Cooper, Senior Analyst and Vice President of Moody's Sovereign Risk Group.
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Rob Jones, Editorial DirectorThursday, March 19 - 2009 at 12:15 UAE local time (GMT+4)
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