...Support Drives IDRs: Commercial Bank of Kuw ait's (CBoK) Issuer Default Ratings (IDRs) reflect an extremely high probability of support from the Kuw aiti authorities, if needed. This considers Kuw ait's strong capacity to support the banking system and its record of supporting its domestic banks. CBoK's Viability Rating (VR) reflects its moderate franchise, concentrated balance sheet, including high reliance on w holesale funding, and profitability being more sensitive to local economic conditions than higher-rated peers. It also factors in CBoK's low impaired loans ratio, adequate capital ratios, sound liquidity and a fairly stable operating environment. Moderate Franchise, Stable Operating Environm ent: CBoK has a moderate franchise in Kuw ait and a good presence in local corporate banking. CBoK's brand and adequate branch netw ork underpin the bank's domestic focus. The bank has a competent management team, w hich is suitable for its operations and conservative strategy. CBoK continues...
