Moody’s withdraws ratings on CBK’s terminated Euro CP/CD
Moody’s Investors Service has announced that, subsequent to the termination on 1 July 2008 of the USD1.0 billion Euro commercial paper and Euro-denominated certificate of deposit programme of Commercial Bank of Kuwait’s (CBK), the rating agency has, at the request of the bank, withdrawn the Prime-1 short-term senior unsecured debt rating assigned to the programme as it is no longer required.
CBK had not required any funds under the programme for over a year prior to its termination and subsequently no debt was outstanding as at 1 July 2008.
Headquartered in Safat, Kuwait, Commercial Bank of Kuwait reported total assets of USD15.8 billion at the end of March 2008. –www.theasianbanker.com (July 16 2008)–