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Kuwait gets credit ratings boost from Standard & Poor's S&P says the country's economic strengths outweigh lingering concerns, including political gridlock, a strong reliance on oil and gas and a lack of transparency
Credit rating agency Standard & Poor's is raising its rating for Kuwait based on the strength of the oil-rich Gulf nation's economy. S&P boosted Kuwait's long-term rating Wednesday to 'AA' from 'AA-' with a stable outlook following a shift in the company's sovereign government rating methodology. It says Kuwait's solid economy and "exceptionally strong" public finances merit the higher rating under its new criteria. S&P says the country's economic strengths outweigh lingering concerns, including political gridlock, a strong reliance on oil and gas and a lack of transparency. It says the potential for serious unrest spilling over to Kuwait from elsewhere in the Mideast appears minimal.