...Support Drives Ratings: Industrial Bank of Kuwait's (IBK) Issuer Default Ratings (IDRs) reflect an extremely high probability of support from the Kuwaiti sovereign if needed. The Viability Rating (VR) reflects IBK's unique company profile in Kuwait, strong funding, high capital ratios, stable profitability and resilient asset quality. It also considers concentration and market risks, and IBK's sensitivity to the operating environment and cycles. Unique Company Profile: IBK's VR is highly influenced by its company profile as Kuwait's sole development bank. IBK's primary focus is the provision of concessionary medium- and long-term financing for the establishment, expansion and modernisation of private-sector industries. The bank also provides commercial banking, mainly in the form of working capital, and its risk profile therefore differs from that of commercial banks. Nevertheless, IBK is not immune from concentration risk. Operating Environment Affects Business: The domestic operating...
