Credit rating agency Standard & Poor's is raising its rating for Kuwait based on the strength of the oil-rich Gulf nation's economy. S&P boosted Kuwait's long-term rating Wednesday to 'AA' from 'AA-' with a stable outlook following a shift in the company's sovereign government rating methodology.

It says Kuwait's solid economy and "exceptionally strong" public finances merit the higher rating under its new criteria. S&P says the country's economic strengths outweigh lingering concerns, including political gridlock, a strong reliance on oil and gas and a lack of transparency.

It says the potential for serious unrest spilling over to Kuwait from elsewhere in the Mideast appears minimal.