Council of Ministers: Strength and stability of Kuwait's sovereign credit rating among major global rating agencies

During its weekly meeting chaired by Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Jaber Al-Sabah, the Cabinet reviewed a presentation by Minister of Finance and Chairman of the High Committee for Sovereign Credit Rating Governance, Dr. Yaqoub Al-Rafai, regarding the Committee’s report for the first half of 2026. The report affirmed the strength and stability of Kuwait’s sovereign credit profile among the three major global rating agencies. It noted that Kuwait maintains strong investment-grade credit ratings, with Standard & Poor’s assigning a rating of AA-, Fitch Ratings assigning AA-, and Moody’s assigning A1, all with stable outlooks. This follows Standard & Poor’s upgrade of Kuwait’s sovereign credit rating by one notch in November 2025, citing momentum in fiscal reforms and the issuance of Law-Decree No. (60) of 2025 on Financing and Liquidity, which enhanced government financing flexibility and enabled the development of public debt instruments.

The report further highlighted that rating agencies maintained Kuwait’s ratings without any negative action during recent regional tensions, underscoring the resilience of its credit profile and global market confidence in its economy. It also confirmed that the Committee, in coordination with relevant authorities, continues to monitor rating factors and advance fiscal and economic reforms to support the sustainability of Kuwait’s sovereign credit standing.

The Cabinet approved a draft law-decree on converting Kuwait Airways Company into a fully state-owned joint-stock company and forwarded it to His Highness the Amir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.

The Cabinet also expressed its strongest condemnation and rejection of the unjust aggression launched by Iran and its affiliated factions and militias in Iraq against Kuwait. This aggression included attacks targeting several border posts and an offshore drilling platform belonging to Kuwait Oil Company, resulting in human casualties and material losses. Reaffirming that the continued aggression by Iran and its proxies in Iraq constitutes a blatant violation of Kuwait’s sovereignty and a serious threat to the security and safety of Kuwaiti citizens and residents, as well as an overt challenge to international legitimacy and UN Security Council Resolution (2817) of 2026, and an irresponsible undermining of regional and international efforts to achieve security and stability in the region, the Cabinet emphasized Kuwait’s inherent right to take appropriate measures to safeguard its sovereignty, security, and stability in accordance with international law and the UN Charter.

Furthermore, the Cabinet strongly condemned and rejected the continued attacks targeting Kuwait’s General Consulate in Basra, which represent an unacceptable violation of the consulate’s inviolability and undermine the Iraqi government’s efforts to fulfill its international obligations under the Vienna Convention on Consular Relations (1963), particularly Article 31, which obligates the host state to take all appropriate steps to ensure the full protection of consular premises and their inviolability. Despite the Iraqi government’s efforts to counter these attacks, the Cabinet stressed the necessity for the Iraqi government to take immediate and decisive measures to hold all perpetrators of these hostile acts accountable, ensure they do not recur, and implement measures guaranteeing the inviolability of Kuwait’s diplomatic and consular missions accredited to the Republic of Iraq, as well as the security and safety of their staff.

The Cabinet was informed of His Highness Amir Sheikh Meshal Al-Ahmad’s directive to declare official mourning and lower flags nationwide and at Kuwait’s embassies abroad, starting from last Sunday for four days, in mourning for the late Sheikh Hamad bin Khalifa Al Thani, may God have mercy on him. In light of this profound loss, the Cabinet extends its sincere condolences and sympathies to His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the sisterly State of Qatar, to the esteemed ruling family, and to the brotherly Qatari people, on the passing of the late Sheikh Hamad bin Khalifa Al Thani, may God have mercy on him. It affirmed that Qatar, the Gulf family, the Arab and Islamic nations, and the world have lost a great leader and a towering symbol distinguished by farsighted vision and wisdom, who dedicated his life to serving his country and people, as well as the causes of the Arab and Islamic nations, standing by them and defending them. It reiterated that Kuwait, pained by this loss, will forever proudly recall the positions of sisterly Qatar and those of the late leader, may God rest him in peace, toward Kuwait, and its support for Kuwait’s just causes during the Iraqi occupation. It praised the comprehensive developmental renaissance and significant progress across various fields achieved by sisterly Qatar during his blessed reign, elevating it among advanced nations. It prayed to Almighty God to envelop the deceased in His vast mercy, forgiveness, and pleasure, and to admit him into Paradise among the righteous, the martyrs, and the truthful, and to grant His Highness Sheikh Tamim bin Hamad Al Thani, the esteemed ruling family, and the brotherly Qatari people the best patience and solace.

The Cabinet was briefed on the substance of the meeting between His Highness Amir Sheikh Meshal Al-Ahmad and His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, along with the accompanying delegation, during His Highness’s fraternal visit to Kuwait last Thursday, attended by His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Sabah and His Highness Sheikh Ahmad Al-Abdullah, Prime Minister. The meeting featured cordial exchanges reflecting the deep-rooted fraternal relations binding the two countries and their brotherly peoples, and ways to support and develop these ties across various fields and all levels. Both sides emphasized the importance of expanding bilateral cooperation between the two sisterly nations to serve their shared interests. They also discussed recent developments on the regional and international scenes, foremost among them the evolving situation in the Middle East, exchanging views on the matter. Their Highnesses affirmed both countries’ support for all initiatives, efforts, and endeavors aimed at establishing peace, security, and stability in the region. The meeting also addressed key issues of common Gulf interest, reaffirming the need to strengthen unity and the progress of the Gulf Cooperation Council to realize the aspirations of their peoples for further development and prosperity.

Furthermore, the Cabinet heard a briefing from Minister of Defense Sheikh Abdullah Al-Ali on the latest developments in the region and current military developments in light of the reprehensible Iranian attacks against Kuwait in recent days. He affirmed the readiness of the Armed Forces and their continued performance of duties with efficiency and competence, taking all necessary measures and precautions to safeguard the country’s security and territorial integrity, thereby protecting the safety of citizens and residents.

The Cabinet reviewed the minutes of the meeting of the Ministerial Committee for Public Services, which included several items, most notably the report of the Green Urban Development Initiatives Committee on initiatives submitted by a number of state-owned oil sector companies, private sector firms, cooperative societies, and individuals. These initiatives pertain to ornamental landscaping and greening of several main streets, certain sites and squares across the country, as well as public parks in some residential areas. They also include painting several major bridges in various governorates of the State of Kuwait. The Cabinet approved these initiatives, expressing its gratitude and appreciation for their contribution to supporting the State’s efforts to develop ornamental landscaping in Kuwait and highlight its civilizational character. It commended the efforts of the Governor of Ahmadi, Sheikh Hamad Al-Jaber, Chairman of the Green Urban Development Initiatives Committee, and the committee members in fostering a spirit of initiative and social responsibility, encouraging entities and individuals to contribute to beautifying and greening the country’s green spaces, creating a suitable urban environment, and achieving sustainable development.