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KUWAIT: MOODY'S ISSUES ANNUAL SOVEREIGN REPORT ON KUWAIT.

IPR Strategic Business Information Database, June, 2008

Kuwait's Aa2 foreign and local currency government bond ratings, with a stable outlook, are supported by the country's elevated GDP per capita, its substantial hydrocarbons endowment with the world's fourth largest proven oil reserves, its very wide fiscal and external current account surpluses and a substantial and growing net foreign asset position, Moody's Investors Service says in its new sovereign credit report on Kuwait.

"The ratings were last upgraded in July 2007, from Aa3, chiefly to reflect the growing strength of the government's balance sheet as oil-driven fiscal surpluses are channelled through the state-owned Kuwait Investment Authority to accumulate financial assets abroad. Mostly invested in non-hydrocarbon sectors, these assets provide an...

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