Fitch Ratings affirmed National Bank of Kuwait’s (NBK) Long-Term Issuer Default Rating (IDR) at ‘AA-‘, the highest in the MENA region, with a Stable outlook. Fitch highlighted the strength of NBK’s regulatory capital achieved through a rights issue and by issuing additional Tier 1 securities and subordinated bonds, noting that NBK’s regulatory capital ratios and Fitch Core Capital (FCC) have improved. Moreover, the agency added that NBK’s Viability Rating (VR) is underpinned by its flagship status and dominant franchise. The rating also factors in the bank’s strong management, consistent strategy and solid funding profile. The Stable outlook on the bank’s Long-term IDR reflects the outlook on the Kuwaiti sovereign rating at (AA/Stable), due to the agency’s expectation of support from the authorities and Kuwait’s strong ability to provide support to its banks. (Fitch)   NBK: KWD0.57 as of 19 October 2016, Rating: Buy, FV: KWD0.70 per share, MCap: USD10,708mn, NBK KK / NBKK.KW