Fitch Ratings has granted Kuwait International Bank "KIB" sukuk of $ 300 million in the second tranche of the capital base a final long-term credit rating of "A-".
The agency confirmed in a report published by the local newspaper, Al-Anbaa, today, Thursday, that the issuance of these sukuk comes within the program of reliable sukuk certificates through the "KIB Sukuk Limited" company.
The agency has assigned a long / short term credit rating of “A + / F1” to the bank’s Sukuk program, which applies only to the unsecured sukuk that will be issued under the umbrella of this program.
In turn, the bank’s vice-chairman and chief executive, Raed Bukhamseen, said: “This recently issued credit rating confirms the success of the deal concluded by KIB and the extent of its distinction.”
Bukhamseen added: "These sukuk are considered the highest in the second tranche in Kuwait and the Arab Gulf states, in addition to being the first sukuk within the second tier of capital issued in US dollars in Kuwait."
Also, the stable outlook of Kuwait International Bank reflects the outlook for the sovereign credit rating of the State of Kuwait.
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