Kuwait City: S&P Global Ratings has affirmed its ‘AA/A-1+’ long- and short-term foreign and local currency sovereign credit ratings on Kuwait. The outlook is stable.
The stable outlook reflects expectation that Kuwait’s overall fiscal and external positions will remain strong, backed by the significant stock of financial assets, it said.
The low oil price environment continues to affect Kuwait’s fiscal and external balances, given the country’s high dependence on oil.
However, Kuwait has built up very large fiscal and external net asset positions over many years, via a longstanding sovereign wealth fund, and these assets will continue to help it weather the current low oil price environment, the agency said.
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