Credit ratings of Kuwait were hauled in for evaluation by global rating agencies, following last week’s surprise resignation of the cabinet.

Though the appointment of His Excellency Sheikh Sabah Al-Khalid Al-Sabah as the new prime minister, and the formation of a new cabinet has been initiated, rating agencies are worried that the new government will continue to be shackled by an invigorated parliament.

Rating agency Moody’s has already expressed concerns that legislative hurdles could further slow down reforms. According to the rating agency, developments in Kuwait are likely to slow its already glacial pace of legislative proceedings, which is a credit negative as far as Moody’s is concerned.

 


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