| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for National Bank of Kuwait > News item |
S&P lowers two Kuwaiti banks
S&P said it lowered its ratings on National Bank of Kuwait to A from A+ and those on Boubyan Bank KSCP to A- from A. The outlooks on the two banks are stable.
“We downgraded Kuwait because we think the lower oil prices and slow reform momentum in recent years will have negative economic and fiscal implications for the sovereign. In March 2020, we revised down our oil price assumption to $30 per barrel,” said S&P in a press release.
About 80% of Kuwait's exports are sent to Asia, where regional economies have already been undermined by the Covid-19 pandemic, causing demand for oil to contract, S&P said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.