(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 22 (KUNA) -- Kuwait's Acting Minister of Finance and Minister of State for Economic Affairs and Investment Sabeeh Al-Mukhaizeem said Saturday Standard & Poor's upgrading of Kuwait's credit rating from A+ to AA- reflects the country's structural and economic reforms.
"This rating boosts the State of Kuwait's capability of achieving long-term sustainable development and financial resilience," Al-Mukhaizeem, who doubles as Minister of Electricity, Water and Renewable Energy, said in a press statement.
The minister underlined that this rating also reflected Kuwait's commitment to carrying on developing its economy and diversifying its income sources.
Standard & Poor's on Friday upgraded Kuwait's credit rating to AA- with a stable outlook following its periodical review in November, demonstrating Kuwait's remarkable development of economic and financial remarks.
It said in its report that Kuwait's stable outlook reflects its expectations that the country's public and external balance sheets will remain very strong over forecast horizon, backed by a significant stock of government financial assets.
"We expect these strengths and ongoing reform momentum to mitigate risks related to Kuwait's economic reliance on the hydrocarbon sector, potential oil price volatility, and sizable fiscal spending," it said.
"We expect the Kuwaiti government to continue implementing a package of fiscal and economic
reforms under Kuwait Vision 2035. These reforms primarily focus on economic diversification, modernizing infrastructure, and diversifying revenue sources to improve fiscal sustainability," it added.
It underlined that Kuwait's financing and liquidity law, passed in March 2025, has diversified the government's funding profile and reduced uncertainty around financing arrangements. (end)
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