Ratings agency Moody's Thursday changed the outlook of Kuwait's Aa2 sovereign ratings from negative to stable, after parliament passed long-awaited economic laws, the agency said.
Moody's Investors Services said the decision affects the government's Aa2 foreign and local currency bond ratings and the Aa2 country ceiling for foreign currency bank deposits.
"The outlook on the Aa2 country ceiling for foreign currency bonds remains stable," it said in a statement, adding that Kuwait's local currency ceilings remain at Aa2.
Moody's last assigned a negative outlook to Kuwait in June 2009, but said at the time that it would change it to stable if ties between the government and parliament improved, the statement said.
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