Moody's Investors Service has confirmed the long-term deposit ratings of National Bank of Kuwait (NBK) at Aa3 and Kuwait Finance House (KFH) at A1. In addition, Moody's has assigned negative outlooks to the banks' deposit ratings. The sovereign actions reflect Moody's view that despite the negative effect of a protracted period of low oil prices on the economy, government finances and external strength, the sovereign's overall credit profile remains consistent with a Aa2 rating. The negative outlook on the banks mirrors the negative outlook on the sovereign rating and captures Kuwait's fiscal pressures, which may weaken its capacity to provide support in the future. The negative outlook on the sovereign rating reflects Moody's view that material uncertainties remain around the Kuwaiti government's ability to effectively implement its fiscal and economic reform programme, which has the stated objective of diversifying and enhancing the economic base and its budgetary revenues. (Moody's)   National Bank of Kuwait: KWD0.66 as of 16 May 2016, Rating: Buy, FV: KWD0.82/share, MCap: USD11,642mn, NBK KK / NBKK.KW