Kuwait Finance House (KFH) announced that its agreement with Capital Intelligence Ratings (CI Ratings) has been terminated since the ratings agency was informed by the bank in November 2014.
No credit ratings services have been provided since KFH announced ending the agreement with CI, according to a bourse statement on Wednesday.
Kuwait’s second-biggest lender by assets has not contributed in any credit rating process with CI by providing income statements or book records or any other related information.
The Boursa Kuwait-listed bank clarified that shareholders and investors do not have to rely on the report issued by CI Ratings, and only take the information that is issued by the other ratings agencies that KFH has agreements with.
On Monday, CI Ratings announced that KFH’s financial strength rating (FSR) is at “BBB” with a “Negative” outlook.