Fitch cuts outlook on Kuwait's debt rating to 'negative' | Reuters
Rating agency Fitch said on Wednesday it downgraded the outlook on Kuwait’s sovereign debt rating to “negative” from “stable”, saying it saw near-term liquidity risks associated with the state treasury fund.
Fitch affirmed Kuwait’s long-term rating at “AA”.
The rating agency said the outlook change reflects near-term liquidity risk associated with the imminent depletion of liquid assets in the General Reserve Fund (GRF) in the absence of parliamentary authorisation for the government to borrow.
An OPEC member state, Kuwait has been hit hard by lower crude prices and the coronavirus pandemic.
No comments:
Post a Comment