KUWAIT: Burgan Bank announced that Standard & Poor’s Global Ratings (S&P) has affirmed its long-term and short-term issuer credit ratings at "BBB+/A-2” with a "stable” outlook, reflecting its expectations that the Bank’s financial profile will remain broadly solid.
The global agency assessed Burgan’s Standalone Credit profile (SACP) at "bb+”, Anchor at "bbb-”, Support at "+3”, and Additional Factors at "0”. The agency stated that the released credit ratings bear no impact on the Bank’s status, confirming its creditworthiness, solid financial core, and vigilant risk strategy. The S&P rating disclosure highlighted Burgan Bank’s strategic asset reallocation, which aimed at reducing its exposure to risky jurisdictions while refocusing the business on core markets in Kuwait and across the Gulf Cooperation Council (GCC) countries. The report further noted that some of these reallocations improved the Bank’s capitalization, which S&P foresees to remain adequate over the upcoming 12-24 months.
Commenting on S&P’s credit rating report, Khalid Al-Zouman, Chief Financial Officer at Burgan Bank, said: "We strive every day to ensure that Burgan Bank’s financial core remains strong, resilient and poised for constant growth, through meticulous and forward-looking business decisions. The success of our efforts is evident in the latest S&P ratings, which confirm the strength of the Bank’s financial standing and the soundness of its risk management strategies.
To continue to be recognized by esteemed rating agencies such as S&P is the ultimate testament to our creditworthiness and our long-term growth potential, and we look forward to further expansion that add to Burgan Bank’s already robust financial base.”
Al-Zouman asserted that Burgan Bank’s consistent growth and confident expansions are driven by its vision to become the most modern and progressive bank in Kuwait, resting its efforts on the strategic pillars of asset re-allocation, digital transformation, human capital development, and adopting ESG principles in order to deliver an outstanding banking experience that meets its customers’ needs and fulfills their aspirations.