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Moody's downgrades NBK's BFS rating
- Kuwait: Wednesday, August 26 - 2009 at 14:01
Moody's Investors Service has downgraded National Bank of Kuwait's bank financial strength rating to C+ from B-. The bank's long-term Global Local Currency deposit rating and long-term foreign currency deposit rating, were both affirmed at Aa2. Moody's said NBK's Aa2 long-term foreign currency deposit rating carries a negative outlook, due to the outlook on Kuwait's Aa2 country ceiling for such deposits. All other ratings have a stable outlook, it said. The rating action was prompted by Kuwait's weakening credit conditions over the past year, particularly in sectors where NBK has material industry and single-party exposure. These sectors include real estate and construction and lending for purchasing securities.
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StaffWednesday, August 26 - 2009 at 14:01 UAE local time (GMT+4)
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