Kuwait’s sovereign ratings outlook was raised to stable at Moody’s Investors Service after the Persian Gulf country’s parliament approved “long-awaited” economic legislation and on its fiscal and trade performance.
“Since the formation of a new government” last year, “a number of important pieces of economic legislation have been passed,” Tristan Cooper, Moody’s head analyst for Middle East sovereigns, said in an e-mailed statement today. Moody’s previously had a negative outlook on the OPEC oil producer.
The new legislations include privatization, capital markets and labor laws as well as a four-year development plan, Moody’s said. These laws should help to develop the country’s limited private sector and attract foreign investment, according to the rating company.
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