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Fitch acts on viability ratings of 5 Kuwaiti lenders

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Fitch acts on viability ratings of 5 Kuwaiti lenders

Fitch Ratings on Oct. 16 affirmed several ratings of five Kuwait-based banks and took action on their viability ratings.

The agency upgraded the viability ratings of Warba Bank KSCP to "bb-" from "b+" and Boubyan Bank KSCP to "bbb-" from "bb+," as well as the viability ratings of Gulf Bank KSCP and Kuwait Finance House KSCP to "bb+" from "bb."

The four Kuwaiti lenders' A+/F1 long- and short-term issuer default ratings, 1 support ratings and A+ support rating floors were affirmed.

Also affirmed were National Bank of Kuwait SAKP's AA-/F1+ long- and short-term issuer default ratings, 1 support rating and AA- support rating floor. The bank's viability rating was, however, downgraded to "a-" from "a."

At the same time, Fitch affirmed the AA-/F1+ long- and short-term issuer default ratings and 1 support rating of National Bank of Kuwait's U.K.-based subsidiary, National Bank of Kuwait (International) Plc.

The outlook on the long-term issuer default ratings of all the entities is stable.