Jul 25, 2012
Kuwait’s long-term foreign and local currency issuer default ratings at “AA” have been reaffirmed by Fitch Ratings with a ‘Stable’ outlook, supported by huge foreign assets and high oil prices, AFP has reported. However, the ratings agency warned against heavy reliance on oil income and continued political disputes between MPs and the government that hinder reforms. The “ratings are primarily supported by its strong sovereign net foreign assets, estimated by Fitch at $323 billion in 2011,” the international ratings agency said, citing a budget surplus over the past 13 fiscal years.
