(MENAFN) Fitch Rating expected Kuwait's foreign assets to hit more than USD320 billion, equivalent to nearly double the Gulf state's GDP, Arabian Business reported.
The new report attributed the assets to the Gulf state's double-digit budget surpluses registered every year since 1999 thanks to its huge oil revenues.
Kuwait's exposure to the oil sector, however, was a vulnerability, given oil price volatility and regional geopolitical threats. Oil sector represent half of Kuwait's GDP and contribute 83 percent of government revenue.
Fitch has affirmed Kuwait's long-term foreign and local currency issuer default ratings at 'AA', with stable outlooks on both.
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