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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Standard & Poor's Downgrades Kuwait Outlook to "Negative"


Sat 18 Jul 2020 | 02:12 AM
Taarek Refaat

Standard & Poor's (S&P) Global Ratings downgraded on Friday Kuwait’s sovereign credit rating outlook to negative from stable.

The rating agency confirmed Kuwait’s debt rating at AA-, noting that it is the main reason behind the audit risks arising from the continued depletion of the General Revenue Fund (GRF), the main reserve of government financial liquidity, given that the authorities have yet to adopt an alternative financing strategy in time.

Moody's credit rating for Kuwait was last set at Aa2 with under review outlook. Moreover, Fitch's credit rating for Kuwait was last reported at AA with stable outlook.

Moody's credit rating of Kuwait was last rated at Aa2 with an under review outlook. Moreover, Kuwait's Fitch credit rating was last recorded at AA with a stable outlook.

Standard & Poor's is the largest rating agency, founded in 1860

In general, a credit rating is used by sovereign wealth funds, pension funds, and other investors to measure the creditworthiness of Kuwait and therefore has a significant impact on borrowing costs in the country.