Fitch affirms Commercial Bank of Kuwait

Fitch Ratings said it affirmed Commercial Bank of Kuwait's long-term issuer default rating of A+, short-term issuer default rating of F1, individual rating of B/C and support rating of 1.

The outlook on the long-term issuer rating remains stable.

Ratings reflect the extremely high probability of support being provided by the Kuwaiti authorities, the agency said.

The individual rating reflects the bank's good domestic franchise and sound profitability, but also considers relatively high concentrations in its loan and funding profiles, significant exposure to local equities and the bank's reliance on a small and undiversified economy, the agency noted.

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