...Support-Driven IDRs: Ahli United Bank (Kuwait)'s (AUBK) Issuer Default Ratings (IDRs) reflect an extremely high probability of support from the Kuwaiti sovereign if needed. The Viability Rating (VR) reflects AUBK's adequate franchise, competent management, resilient financing quality, profitability above peers, adequate capital ratios, contained liquidity risk and benefits from being part of the AUB group (AUB). It also considers high concentrations on both sides of the balance sheet. Adequate Franchise: AUBK benefits via AUB from broader products and services and geographic footprint than domestic peers, especially larger cross-border transactions. Competent Management: AUBK's management is well experienced in local and regional banking, with a good execution record. The bank's strategy is consistent and sustainable; it is articulated around corporate-, domestic- and organic-led growth. High Concentrations: Like domestic peers and due to Kuwait's narrow economy, AUBK's high concentrations...
