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Kuwait Central Bank fearful of Moody’s downgrade

Kuwait's central bank has urged its leaders to bring in a better political climate and measures to weather the financial crisis, after Moody’s said it may downgrade the country's sovereign rating. The threat highlights the ‘urgent need to sustain a political atmosphere that best prepares us to counter the economic challenges’, said Central Bank Governor, Shaikh Salem Abdul Aziz Al Sabah. Moody's has placed Kuwait's Aa2 rating on review for possible downgrade for the first time since it started rating the country in 1996, citing the political turmoil, despite its oil wealth.

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