...Support Drives Ratings: Industrial Bank of Kuwait's (IBK) Issuer Default Ratings (IDRs) reflect an extremely high probability of support from the Kuwaiti authorities, if needed. The Viability Rating (VR) reflects high concentration and market risks, as well as IBK's high sensitivity to the operating environment. The VR also considers IBK's unique company profile in Kuwait, strong funding, high capital ratios, offset by weakening profitability, volatile asset quality, and domestic operating environment pressure due to the coronavirus pandemic and lower oil prices. Unique Company Profile: IBK's company profile differs from that of commercial banks as IBK is Kuwait's sole development bank. The bank'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 differs from that of commercial...
