Kuwait – Mubasher: Fitch Ratings upgraded the Boubyan Bank's viability rating (VR) to 'bbb-' from 'bb+'.
“The VR upgrade reflects Boubyan Bank's improving franchise, effective strategy implementation and higher-than-peers earnings and profitability,” as reported by Reuters.
Fitch Ratings also affirmed the bank’s long-term issuer default rating (IDR) at 'A+' with a stable outlook, while giving its short-term IDR an ‘F1’ rating, the bank stated in a filing to Boursa Kuwait on Tuesday.
Fitch affirmed Boubyan Bank's support rating (SR) at (1) and its support rating floor (SRF) at ‘A+’, the bank added.
Affirming the bank’s SR at (1) reflects the “high possibilities of support being provided by the Kuwait authorities,” the Kuwait-based bank commented, noting that the updated ratings will enhance the bank’s financial position and investors’ confidence.
