Moody's affirms National Bank of Kuwait

Moody's Investors Service said it affirmed the long-term Aa2 global local-currency deposit rating of the National Bank of Kuwait, along with its long-term foreign-currency deposit rating at Aa2. Moody's also said it affirmed its short-term local- and foreign-currency ratings and commercial paper program at prime-1.

The C+ bank financial strength rating now maps to a baseline credit assessment of A2.

The outlook on its long-term foreign-currency deposit rating is negative, reflecting the outlook on Kuwait's Aa2 country ceiling for such deposits. All other ratings carry a stable outlook.

The action was prompted by weakening credit conditions in Kuwait over the past 12 months, particularly in sectors where the bank exhibits material industry and single-party exposure, Moody's said.

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