REG - Kuwait ProjectCo SPC - KIPCO - Rating Assigned by Capital Intelligence

China MotorAnnouncement

09/12/2024 08:00

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RNS Number : 3039P  Kuwait Projects Co SPC Limited  09 December 2024

Kuwait Projects Co SPC Limited

KIPCO - Rating Assigned by Capital Intelligence Ratings (CI Ratings or CI)

 

Kuwait Projects Company (Holding) K.S.C.P. (in its capacity as the Guarantor
of Kuwait Projects Co SPC Limited), announced that Capital Intelligence
Ratings has assigned the Kuwait Projects Company (Holding) K.S.C.P., a first
time Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign
Currency Rating (ST FCR) of 'BB+' and 'B', respectively. The Outlook on the
ratings is Stable.

The report mentions the factors supporting the rating, includes solid
management team with the ability to improve performance at the operating
companies' level, diversified funding profile, supportive controlling
shareholders and liquidity & good Short-term debt repayment capacity.  It
also states that the main portfolio companies have at least satisfactory
financial strength metrics, with both Equate and Sadafco being market leaders
in their respective fields.

The report also mentions the degree of concentration in the portfolio with
Sadafco, Equate and Burgan Bank being the three largest companies in the
portfolio, and CI's view that company has high level of debt in relation to
portfolio value and tangible equity, which is a key rating driver.

The rating announcement can be accessed at https://www.ciratings.com/news
(https://www.ciratings.com/news)

 

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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