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Three Kuwaiti banks downgraded by Moody's
- Kuwait: Wednesday, September 09 - 2009 at 14:06
Moody's Investors Service said it has downgraded three Kuwaiti banks, reflecting the weakening credit conditions in the country. It downgraded bank financial strength rating (BFSR) of Commercial Bank of Kuwait (CBK) to C- from C and that of Al Ahli Bank of Kuwait (ABK) and Bank of Kuwait and the Middle East (BKME) to D+ from C-. CBK's long-term global local currency (GLC) and long-term foreign currency deposit ratings were also downgraded to A1 from Aa3, respectively. The bank's short-term GLC and short-term foreign currency deposit ratings were affirmed at Prime-1. All ratings now carry a negative outlook.
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StaffWednesday, September 09 - 2009 at 14:06 UAE local time (GMT+4)
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