'AA' Long-Term Rating
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SUBSCRIPTION SUNDAY, JUNE 21, 2015 RAMADAN 4, 1436 AH www.kuwaittimes.net A year on, Iran female vice Serbia claim first no quick fix president scolds U-20 World Cup Emsak: 03:03 to halt IS hardliners over as independent Fajer: 03:13 Shrooq 04:48 ‘caliphate’ volleyball ban nation Dohr: 11:50 Asr: 15:23 Maghreb: 18:50 7 8 20 Eshaa: 20:23 Fitch affirms Kuwait’s Min 28º Max 45º High Tide ‘AA’ long-term rating 03:15 & 14:20 Ratings reflect Kuwait’s exceptionally strong fiscal position Low Tide 09:00 & 21:35 40 PAGES NO: 16558 150 FILS KUWAIT: Fitch Ratings has affirmed Kuwait’s Long-term Ramadan Kareem foreign and local currency Issuer Default Ratings (IDR) at “AA” with a Stable Outlook. Kuwait’s Ceiling has been affirmed at “AA+” and the Short-term foreign currency Being a Muslim IDR at “F1+,” the agency said in a statement yesterday. Kuwait’s ratings reflect its exceptionally strong fiscal By Teresa Lesher and external position, balanced against a heavily oil- dependent economy, a degree of geopolitical risk, and man came to Prophet Muhammad (PBUH) weak scores on measures of governance and ease of and said, “Messenger of God, direct me to a doing business, said Fitch Ratings. Adeed by which I may be entitled to enter Sovereign net foreign assets were an estimated 270 Paradise.” He said, “Worship God and never associate percent of GDP at end-2014, underpinned by 184 per- anything with Him, perform the obligatory prayer, cent in external assets managed by the Kuwait and pay the prescribed charity, and observe the fast Investment Authority across its two funds. The General of Ramadan.” He replied, “By Him in Whose Hand is Reserve Fund (GRF), the purpose of which is to cover my life, I will never add anything to it, nor will I government expenditure, had domestic and foreign decrease anything from it.” assets of an estimated 56 percent of GDP at the end of When he turned his back (to leave), the Prophet fiscal year 2014-15 (FYE15), it said. The Reserve Fund for (PBUH) said, “He who would like to see a man from Future Generations, which by law receives at least 10 the dwellers of Paradise should catch a glimpse of percent of all government revenues before transfers to this man” (related by Muslim). This tradition shows the GRF, had 196 percent of GDP; the transfer has been how to live as a Muslim, the first step - being your 25 percent of revenue in each of the past three years. declaration that you believe in a single, exclusive Gross government debt was only 5.5 percent of GDP God and that Muhammad (PBUH) is one of His mes- at FYE15. Kuwait is resilient to the fall in the oil price and sengers. Just believing in something isn’t enough - the downward revision in the expected oil price path, the Quran couples belief and deeds together, the lat- due to a low cost of oil production and the large size of ter being proof of the former. As for beliefs, see my oil revenues relative to government expenditures. “We post below (What Do Muslims Believe In?). As for KUWAIT: Employees prepare traditional Arab sweet, known as Kanafa, at a sweets shop during the expect that Kuwait’s fiscal break-even export price of oil being a Muslim, here is how: Muslim fasting month of Ramadan yesterday in Kuwait City. Muslims fasting in the month of Ramadan will be $57/b, below our oil export price forecast for Continued on Page 13 must abstain from food, drink and sex from dawn to dusk, when they break the fast with a meal known Kuwait of $64/b in FY16,” said the agency. as iftar. — Photo by Yasser Al-Zayyat Continued on Page 13 PAGE PAGE Weapons hand over shooting exposes grace ends Monday ‘blight’ of racism RIYADH: In this file photo, Saudi King Salman (center) speaks to Crown Prince Muqrin (center left) in the King’s dewaniya, a traditional Arab reception area to receive guests in Riyadh. WikiLeaks has published more than 500,000 Saudi diplomatic documents to the Internet. If genuine, the documents would offer a rare glimpse into the inner workings of the kingdom. — AP WikiLeaks reveals Saudi intrigue, ‘top secrets’ ISTANBUL: At the Saudi Embassy in Tehran, diplomats to avoid visiting “any website with the aim of getting a talked about airing the grievances of disenchanted local document or leaked information that could be untrue youth using Facebook and Twitter. At the embassy in and aims to harm the nation.” Khartoum, they reported anxiously on Iran’s military aid Many of the scores of documents reviewed by AP to Sudan. Meanwhile the Saudi mission in Geneva was appear aimed at keeping track of Iranian activity across stuck dealing with a multi-million dollar limo bill racked the region or undermining Tehran’s interests. An undat- up by a Saudi princess and her entourage. The diplo- ed memo apparently sent from the Saudi Embassy in matic documents published by WikiLeaks Friday are Tehran made note of what it said was the “frustration of only the first batch of what the transparency group says the Iranian citizen and his strong desire for regime will be a much larger release, but they’ve already pro- change” and suggested ways to publicly expose Iran’s vided an unusual level of insight into the day-to-day of social grievances through “the Internet, social media Saudi diplomacy - giving a snapshot of the lavish like Facebook and Twitter.” It also suggests “hosting spending habits of senior royals and the political opposition figures overseas, coordinating with them intrigue percolating across the Middle East. and encouraging them to use galleries to show pictures WikiLeaks has so far published roughly 60,000 docu- of torture carried by the Iranian regime against people.” ments, of which The Associated Press has only been Saudis also kept a watchful eye on Iran’s friends, real able to authenticate a handful. But the organization has or perceived. One 2012 memo warned that Iran was a long track record of hosting large leaks of government getting “flirting American messages” suggesting that material and insists the latest batch is genuine. Saudi the US had no objections to a peaceful Iranian nuclear officials have not explicitly challenged the authenticity program so long as it had guarantees, “possibly Russian of the documents and Saudi diplomats have not ones.” Another memo, dated to 2012, accuses the answered repeated requests for comment. However, the United Arab Emirates of helping Russia and Iran circum- Foreign Ministry posted a carefully worded message on vent international sanctions. its Twitter account yesterday morning, warning citizens Continued on Page 13 LOCAL SUNDAY, JUNE 21, 2015 Weapons hand over Crime Ramadan soap Report operas’ review grace ends tomorrow KUWAIT: The four month grace period granted to One dead, three By Nawara Fattahova ing 30 years of her memory. Her friend hand over unlicensed weapons would be over injured in crash comes to her house and is shocked that tomorrow, the Interior Ministry announced yester- KUWAIT: Watching soap operas is a Fatma has lost her memory since 1986. day. The law will be strictly imposed on anyone favorite pastime during the holy month Fatma is desperately looking for her kids arrested with the possession of unlicensed By Hanan Al-Saadoun of Ramadan, and it’s considered the high and cannot recognize her house or weapons, said Brigadier General Adel Al-Hashash, season for producers to broadcast their room. Her friend then tells her she lost the ministry’s Relations and Security Media KUWAIT: One expatriate was killed and three others were works. Kuwait Times will publish a daily all contact with her children, especially Department Director. injured when a vehicle turned turtle along king Fahad review of three Kuwaiti soap operas after getting married, and her husband According to the law, anyone caught with pos- expressway, said security sources. Rescue teams that being aired on Al Rai TV channel. These was mistreating her children. session of unlicensed weapons or ammunition rushed to the scene found out that some of the passengers serials are rerun three times a day, so peo- Scenes then show each of the chil- faces punishment of a maximum of five years in had been thrown out of the vehicle when it turned and ple can always find time to watch them. dren. Farouq is married to two women, prison and/or a maximum of KD 10,000, Hashash rolled over. The injured people were rushed to the hospital is very strict in his first house, but nor- explained. for treatment. Separately, two people were injured in a col- ‘Qabil lil Kaser’ (Fragile) mal with his second wife, a TV presenter, Meanwhile, anyone caught trading in unli- lision reported yesterday at King Faisal expressway. The main character Ali has been living in who is living in the same building. Fahd censed weapons, ammunition, explosives, compo- the house of his uncle since he was a drives with his wife to the UAE and on nents that could be smuggled or stored to be teenager, after his father killed his moth- their way back, has an accident, and his manufactured or contracting with terrorist cells or er and went to jail. He loves his cousin wife dies. He marries her twin sister to organizations will be punished with a maximum of Hadeel and is working to save money to raise his children, but she is in love with 10 years in prison and a maximum fine of KD marry her.