On Friday, the global agency Standard & Poor's upgraded Kuwait's credit rating to 'AA-/A-1+' based on progress in reforms with a stable future outlook.
In a statement, Standard & Poor's said that the upgrade of Kuwait's rating reflects the driving strength of fiscal reform and decreased financing constraints.
It noted that "the stable outlook reflects our expectations that Kuwait's overall balance sheet and external stance will remain very strong over our projection horizon."
Standard & Poor's also expected that the Kuwaiti government would continue working on a medium-term financing plan to boost non-oil revenue sources.
New Projects
In recent months, Kuwait has accelerated its projects in the energy sector; in September, the Public-Private Partnership Projects Authority invited prequalified companies to submit their proposals for the first phase of the Al-Khiran project, which will add at least 1.8 gigawatts.
The Authority also signed a commitment document for the implementation of the North Al-Zour Power Generation Plant project for the second and third phases with a consortium including Saudi Arabia's ACWA Power and the Gulf Investment Corporation in August at a cost exceeding one billion Kuwaiti dinars (3.27 billion dollars) with financial support from local and international banks.
The signing ceremony at that time marked the launch of one of the largest electricity projects in the Gulf state, which is seeking to address the severe shortage of electricity.
