S&P cuts Kuwait rating on lack of deficit-financing strategy ...Kuwait

Ratings agency S&P Global Ratings cut Kuwait's rating by one notch citing the Gulf state’s lack of a funding strategy to finance its deficit. Hit hard by lower oil prices and the COVID-19 pandemic last year, Kuwait faces liquidity risks largely because parliament has not authorised government borrowing due to a standoff. S&P cut Kuwait’s rating by one notch to A+ from AA-(minus) and kept its outlook on the country negative, it said in a statement late on Friday. “The downgrade reflects a persistent lack of a comprehensive funding strategy despite the central government’s ongoing sizeable deficits,” it said. “Due to parliamentary opposition, the government has so far

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S&P cuts Kuwait rating on lack of deficit-financing strategy ...Kuwait

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