KuwaitPR.com, Online Press Release from Kuwait
Business, Banking, Investment, Insurance(Banking & Investments)
Filter PR by
Moody's Affirms Burgan Bank's Credit Rating with Stable Outlook
Moody's Affirms Burgan Bank's Credit Rating with Stable Outlook

Reflecting the strength of the Burgan brand, its solid profitability, the quality of its assets, and its enhanced capital buffers

Kuwait, 13 June 2024: Burgan Bank announced that Moody’s Ratings (Moody’s) has affirmed its long-term local and foreign currency bank deposit ratings at “Baa1” with a stable outlook and its short-term local and foreign currency bank deposit ratings at “P-2”.

Meanwhile, the global credit rating agency affirmed the Baseline Credit Assessment (BCA) and Adjusted BCA at “ba2”, the long-term local and foreign currency Counterparty Risk Ratings at “A3”, the long-term Counterparty Risk Assessment at “A3(cr)”, the short-term Counterparty Risk Ratings at “P-2”, and short-term Counterparty Risk Assessment at “P-2(cr)”.

Moody’s further clarified that the “Baa1” long-term deposit ratings of Burgan Bank benefit from four notches of rating uplift from the Bank’s BCA, reflecting the agency’s view of a very high probability of support from the government of Kuwait, which holds an “A1 stable” credit rating.

As per the agency’s disclosure, Burgan Bank’s standalone BCA of “ba2” reflects its resilient pre-provision income and enhanced capital buffers, as well as comfortable liquidity and deposit-driven funding, against higher than peers’ nonperforming loans (NPLs) and high related-party exposures.

Furthermore, the agency showed that the stable outlook on Burgan’s long-term deposit ratings reflects Moody’s view that the Bank’s solid recurring profitability and strong problem loan provisioning coverage will continue to balance risks arising from credit concentrations and challenging foreign markets in which it operates.

Commenting on Moody’s credit rating disclosure, Mr. Khalid Al Zouman, Chief Financial Officer at Burgan Bank, said: “The affirmation of Burgan Bank’s ratings by an esteemed financial institution such as Moody’s is a profound testament to the Burgan brand and its sound profitability, as well as the quality of its assets, capital buffers, and solid funding base.”

Al Zouman asserted that Burgan Bank continues to act upon its strategic pillars of asset re-allocation, digital transformation, human capital development, and adopting ESG principles in order to deliver an outstanding banking experience that meets its customers’ needs and fulfills their aspirations.

Posted by : Kuwait PR Network Editorial Team
Viewed 12163 times
PR Category : Banking & Investments
Posted on : Wednesday, June 12, 2024  4:29:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of KuwaitPR.com.
Previous Story : KIB to be closed during Eid Al-Adha holiday, providing servi...
Next Story : Ooredoo Kuwait Introduces Enhanced Roaming Offers in Saudi A...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Panasonic Announces FY24 Business Strategy For Sustained Growth in Middle East and Africa [30651-Views]
Ajmal Perfumes Unveils Eau D'Oud- A New Standard of Elegance and Luxury [27666-Views]
Last-Minute Eid Shopping With Max Fashion's New Collection [26864-Views]
Hunger Hotspots Report: Famine Looms In Gaza While Risk Of Starvation Persists In Sudan, Haiti, Mali... [26338-Views]
Catrice's drops new summer favorites: Slim Eye Shadow Palettes and Kohl Kajal! [24967-Views]
Urgent Call To Action To Address Historic El Niño Drought In Southern Africa [24630-Views]
Air Cargo Demand Continues Strong Growth into Q2 [23622-Views]
Get Ready to have your Summer glow-up with essence Cosmetics' summer collection 2024 [23256-Views]
IATA SAF Registry [22351-Views]
Amouage presents Rare Is The Rose, a poetic and cinematic tribute to the Omani Rock Rose [20937-Views]
Cigna Healthcare Names Leah Cotterill Middle East and Africa CEO, outside KSA [19567-Views]
Sudan is Facing an Unprecedented Hunger Catastrophe, Say UN Agency Chiefs [18418-Views]
WFP Response to new IPC Food Security Assessment on Gaza [15306-Views]
Captivating Circus Shows Mesmerize Visitors at Mercato during Dubai Summer Surprises! [11589-Views]
Turtle Power for Bath and Shower! [11109-Views]
Experience the Magic of Mercato: Circus Shows, Comedy Acts, and Shopping Extravaganza This Summer! [8195-Views]
Panasonic Rolls Out Its Digital Service App in Kuwait, Offers Three Months Additional Warranty upon ... [6898-Views]
Ooredoo business Hosts Virtual Workshop on AI-Driven Call Centre Solutions in Partnership with Intel... [3964-Views]
Al Mulla Engineering Wins Schneider Electric's Sustainability Impact Award in Kuwait [3741-Views]
talabat Launches “Make a Wish” Campaign to Support Delivery Riders and Uplift their Spirits [2890-Views]
RSS Facebook Twitter LinkedDin KuwaitPR.com on Instagram
Top Sections
Top Stories