Moody's may upgrade seven Kuwaiti banks

Moody's Investors Service said it placed on review for possible upgrade the A2 long-term foreign-currency deposit ratings for seven Kuwaiti banks: National Bank of Kuwait, Kuwait Finance House, Gulf Bank, Commercial Bank of Kuwait, Al Ahli Bank, Burgan Bank and Bank of Kuwait and the Middle East.

This rating action follows the placement of Kuwait's A2 long-term foreign-currency deposit ceiling on review for possible upgrade to reflect the improvements in the country's economic and financial situation.

Moody's said the foreign-currency deposit ratings of the seven banks had been set at Kuwait's A2 foreign-currency deposit country ceiling based on the banks' fundamental strengths, as well as the strong likelihood of support from the Kuwaiti authorities should the need arise. The ratings of these seven banks will be evaluated to determine their capacity to move up following an upgrade of Kuwait's country ceiling.

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