S&P revises Kuwait's outlook to negative on depletion in liquidity buffer
July 17 (Reuters) - S&P Global Ratings on Friday revised Kuwait's outlook to 'negative' from 'stable', saying it expects that the country's main liquidity buffer, the General Reserve Fund, will be insufficient to cover central government deficit.
"The GRF balance has been steadily reducing over the past three years, but this process has accelerated in recent months following the decline in oil prices and Kuwait's implementation of the OPEC+ oil production cut agreement," the ratings agency said in a statement https://www.standardandpoors.com/en_US/web/guest/article/-/view/type/HTML/id/2481160.
The S&P affirmed Kuwait's ratings at 'AA-/A-1+'. (Reporting by Nilanjana Basu in Bengaluru; Editing by Arun Koyyur)
