S&P Global Ratings on May 14 affirmed Kuwait Finance House KSCP's long- and short-term issuer credit ratings at A-/A-2, then withdrew the ratings at the bank's request.
Prior to withdrawal, the outlook on the long-term rating was negative, reflecting the downside risks to the lender's asset-quality indicators from its financings in Turkey.
The agency recently cut Turkey's credit rating deeper into junk, saying high inflation and a depreciating currency were increasing the risk that the country would struggle to cope with its high external debts and could face a hard landing.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.