Fitch assigns long-term IDR of ‘AA-’ to NBKI; short term ‘F1+’

Fitch Ratings has assigned National Bank of Kuwait (International) plc (NBKI) a Long-term Issuer Default Rating (IDR) of ‘AA-’, a Short-term IDR of ‘F1+’ and a Support Rating of ‘1’ The Outlook is Stable.

NBKI is the London-based subsidiary of National Bank of Kuwait (SAK) (NBK; ‘AA-’/’F1+’). NBKI’s ratings reflect expected support from its parent, NBK, in case of need. Fitch’s expectation of support is based on NBKI’s close integration with its parent, both from a business and a risk management perspective. It represents the European arm of the National Bank of Kuwait Group. Fitch has not assigned an Individual Rating due to NBKI’s close integration with its parent: virtually all of the bank’s franchise and business is in some way related to its parent.

NBKI’s business focuses mainly on private banking for high net worth (mostly GCC) individuals, and handling relationships with large European and multinational corporate entities that conduct business in the Middle East, and are usually also clients of NBK.