Kuwait said to mull tapping future generations fund to help balance budget arabnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabnews.com Daily Mail and Mail on Sunday newspapers.
Kuwait credit rating cut for second time in two years by S&P
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The sovereign credit rating was cut one level to A+ from AA-
July 18, 2021
Kuwait was downgraded by S&P Global Ratings for a second time in less than two years after a fall in oil revenue and increased spending pressured the Persian Gulf nation’s fiscal outlook.
The sovereign credit rating was cut one level to A+ from AA-, the fifth-highest investment-grade level, according to a statement Friday. S&P now rates Kuwait two notches lower than Fitch Ratings and on par with Moody’s Investors Service, which lowered its own assessment of the country last year for the first time. S&P’s outlook for Kuwait is negative.
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Dubai: Global credit rating agency Standard & Poor’s has downgraded Kuwait’s credit ratings to A+ from AA- with negative outlook.
“We forecast that Kuwait s central government deficits will average a substantial 17% of GDP annually over 2021-2024. Even so, the government has yet to enact a comprehensive strategy to augment its main source of budget deficit financing, the depleted General Reserve Fund (GRF), the rating agency said in a note.
S&P expects the authorities will adopt a debt law, or overcome parliamentary opposition and gain access to other available funding alternatives such as the Future Generations Fund. However, the prolonged and continued absence of a long-term funding strategy indicates credit risks more in line with our A rating category.
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