Fitch affirms Kuwait’s AA- rating on strong external assets

RIYADH: Kuwait retained its AA- sovereign credit rating with a Stable Outlook from Fitch Ratings, which cited exceptionally strong fiscal and external balance sheets despite rising regional geopolitical risks. The rating agency said Kuwait’s vast sovereign wealth assets and external buffers remain among the strongest of any Fitch-rated sovereign, although heavy dependence on oil, a costly welfare system, a large public sector, and relatively weaker governance continue to constrain the rating.

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