Mubasher: Standard & Poor's Ratings (S&P) has downgraded the long-term credit rating of Boubyan Bank to ‘-A’ from ‘A’ and maintained a 'Stable' outlook.
The agency affirmed the bank’s stand-alone credit profile (SACP) at ‘bbb’, according to a disclosure to the Kuwaiti bourse on Monday.
In this regard, S&P noted that Boubyan Bank has a strong capacity to meet its financial commitments while is significantly subject to negative implications due to the changing economic scene when compared to other obligors in the highest category.
The outlook denotes that the rating is likely to remain unchanged over the medium term.
Furthermore, the rating will have no great impact on the bank’s financial position as the agency’s rating decision is attributed to the indirect effect of the lowered sovereign rating.
