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NBK dips, Moody’s affirms ratings

Biggest Kuwaiti lender outperforms local peers.

The Kuwait Stock Exchange market index lost 0.50 per cent to 6,376.49 points on Wednesday, March 25.

National Bank of Kuwait or NBK fell by 1.15 per cent to KD0.860.

Earlier in the day, the biggest lender in the northern Gulf state, said Moody’s Investors Service has affirmed its long-¬term global local currency deposit rating at Aa3, “the highest in the Middle East and North Africa region”. NBK’s outlook remains “stable”. Moody’s added that NBK, which has “a 32 per cent market share of consolidated system assets”, has consistently outperformed its local rivals.

Earlier in the day, Reuters reported that NBK would soon meet investors for a potential tier-1 bond.

Gérard Al-Fil