...State Support Drives IDRs: National Bank of Kuwait's (NBK) Issuer Default Ratings (IDRs) reflect an extremely high probability of support from the Kuwaiti authorities, if needed. This considers Kuwait's strong capacity to support the banking system and its track record of supporting its domestic banks. NBK's Viability Rating (VR) reflects its leading franchise and diversified business model, strong management team, strong asset quality, stable profitability, solid capitalisation, stable funding and liquidity and a stable operating environment in Kuwait. It also considers high concentration risk and exposures to more challenging markets. Leading Franchise: NBK is Kuwait's flagship bank, where it enjoys a leading market share (35% of sector assets). The bank's large branch network, distribution capabilities, strong client relationships, brand, reputation and geographical footprint provide NBK with clear competitive advantages. NBK benefits from a diversified business model, wider opportunities...
