Kuwait's fifth-largest lender by assets had its credit rating cut yesterday after a multimillion-dollar loss in the third quarter.
Commercial Bank of Kuwait's (CBK) local and foreign-currency deposit ratings were lowered to A3 from A2, said Moody's Investors Service. A3 is the fourth-lowest investment grade at the agency.
"[The] rating action is [mainly due to] the ongoing pressure on Commercial Bank of Kuwait's asset quality, primarily driven by its high exposure to the construction and real estate and investment sectors," the Moody's analysts Stathis Kyriakides and Yves Lemay said yesterday.
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