S&P Global Ratings raised Kuwait’s sovereign credit rating to ‘AA-’ from ‘A+ and assigned a stable outlook on November 21, 2025, citing accelerated progress on fiscal and economic reforms as well as improved financing conditions under its long-term Vision 2035 blueprint. S&P expects Kuwait to continue developing a coherent medium-term funding plan, allowing the state to better manage liquidity needs and reduce its dependence on volatile oil revenues. The stable outlook is supported by expectations that Kuwait’s public and external balance sheets will remain extremely robust throughout the forecast horizon. Moody's credit rating for Kuwait was last set at A1 with stable outlook. Fitch rates the country at AA- with stable outlook.