Kuwait Projects Co SPC Limited Rating action by Fitch Ratings (Fitch) (6695X)
December 21 2023 - 8:44AM
UK Regulatory
TIDM61DH
RNS Number : 6695X
Kuwait Projects Co SPC Limited
21 December 2023
Kuwait Projects Co SPC Limited
Rating action by Fitch Ratings (Fitch)
Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), the
Guarantor of Kuwait Projects Co SPC Limited, announced that Fitch
Ratings has downgraded its Long-Term Issuer Default Rating (IDR) to
'BB-' from 'BB'; the Outlook is Stable.
As per the Fitch's announcement, the downgrade reflects the
company's high leverage with Net LTV (loan-to-value) at 41.4%
expected at end-2024. Further, in Fitch's opinion, KIPCO's weighted
average portfolio credit strength by equity value is relatively
weak at 'b+' driven by Fitch's assessment of credit quality of its
subsidiaries and weak recent profitability within its banking and
financial sector.
The report also says that KIPCO's rating is supported by a
combination of transformed portfolio with increased diversification
across several industries and presence in Middle East & North
Africa (MENA) region, established track record of long-term
returns, significant influence over the majority of companies in
the portfolio, and stable dividend flow from the portfolio
companies through-the-cycle. The report also recognized the
Company's success in refinancing its debt maturities and monetizing
its investments.
For further information, please contact:
Investors, Press and Media:
Eman Al-Awadhi
49(th) Floor
KIPCO Tower, Khaled Bin Al-Waleed St, Sharq
P.O. Box 23982
Safat 13100
Kuwait
Tel: +965 2294 3416
Email: eman.alawadhi@kipco.com
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