...Support Drives Ratings: National Bank of Kuwait's (NBK) Issuer Default Ratings (IDRs) reflect an extremely high probability of support from the Kuwaiti sovereign if needed. The Viability Rating (VR) reflects NBK's leading franchise, strong management, stable asset quality, profitability and funding, and improved capitalisation. It also considers concentration and market risks, and exposure to more challenging markets than Kuwait. Flagship Bank: NBK has leading market shares in Kuwait (24% of domestic assets). The large branch network, strong client relationships and brand, high expertise, and large geographical footprint underpin NBK's distribution capabilities, revenue generation and deposit collection. Strong Management: NBK has a highly experienced management team that supports strategy implementation. The bank's strategy to achieve group integration and organic growth, balanced between domestic and international, has been consistent and well articulated. Concentration Risk: NBK's concentrations...
