Fitch affirms National Bank of Kuwait

Fitch Ratings said it downgraded National Bank of Kuwait's individual rating to B from A/B and affirmed its long-term issuer default rating at A+ with stable outlook, short-term issuer default rating at F1, support rating at 1 and support floor at A+.

The downgrade of the individual rating reflects the 98% acquisition of Al-Watany Bank and its effect on the bank's risk profile, which remains conservative, Fitch noted.

The issuer default ratings reflect a leading domestic franchise, consistent profitability, strong asset quality, low funding costs and strong capitalization, the agency said.

Ratings also reflect high probability of support by Kuwaiti authorities, Fitch added.

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