VOL. XLI
No. 42
19-October-1998
KUWAIT
Kuwaiti Banks Strengthened But No Moodys Upgrade
The US ratings agency Moodys Investors Service said in its annualreport on Kuwait that "weaker Kuwaiti banks have been becoming somewhat stronger andmore profitable over the last years, but this progress has not been sufficient to warrantupgrade." In a statement released on 15 October, Moodys justified the lack ofan upgrade by the current condition of the Kuwaiti economy and its lack of diversity anddepth....
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