Fitch grants Kuwait 'AA' rating

Global rating agency, Fitch, granted Kuwait an 'AA' rating due to the country's strong sovereign and external balance sheets for 2012, Kuwait Chamber of Commerce and Industry (KCCI) announced Tuesday. Kuwait maintained this rating as it owns 7.3 percent of the global oil reserve, in addition to its solid overseas investments, estimated at USD 304 billion, KCCI said in a statement, quoting Fitch. An Agency delegation, which paid a visit to KCCI earlier today, also discussed economic and financial spectrums in Kuwait, as the visit falls within the framework of periodic visits to review the oil-rich country's sovereign credit ratings. The sovereign external balance sheet is the strongest for any country rated by Fitch.