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Fitch Ratings, the international credit rating agency, affirmed National Bank of Kuwait International (NBK London) Long-term Issuer Default Rating (IDR) at ‘AA-’ with a Stable Outlook.
Fitch said that NBKI's ratings reflect expected support from its parent, National Bank of Kuwait (NBK), if needed. Fitch's expectation of support is based on NBKI's close integration with its parent, both from a business and a risk management perspective.
Fitch added that NBKI represents the European arm of NBK Group. NBKI's business focuses mainly on private banking for high net worth individuals, and handling relationships with large European and multinational corporate entities that conduct business in the Middle East, and are usually also clients of NBK. NBK is the largest bank in Kuwait by assets, accounting for about a quarter of the sector total.
NBK has consistently been awarded the highest credit ratings of all banks in the region by the major international rating agencies: Moody's, Standard & Poor's and Fitch Ratings. In 2012, NBK moved up 14 positions to rank 33 among the 50 safest banks in the world. NBK is the only Arab bank to be listed among the world’s 50 safest banks five times in a row.