Fitch Ratings affirmed Kuwait's credit rating at AA- with a stable outlook, pointing tothe exceptional strength of its financial position and the strength of the country's external balance.
The agency expected net foreign assets to rise to 538% of GDP in 2024 and to 553% in 2025/26, but it pointed to Kuwait's heavy dependence on oil and government support, highlighting the difficulties that the private sector may face in the long term.
The Fitch Ratings' report on Kuwait depends on the value of assets owned by Kuwait through its sovereign fund and there are government initiatives to rationalize spending in a way that enhances the potential for financial sustainability.
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