CI Ratings affirms KIPCO’s ‘BB+’ rating with positive outlook

Résumé détaillé

KUWAIT: KIPCO – Kuwait Projects Company (Holding) – announced that Capital Intelligence Ratings (CI Ratings) has affirmed the company’s Long-Term Foreign ...

KUWAIT: KIPCO – Kuwait Projects Company (Holding) – announced that Capital Intelligence Ratings (CI Ratings) has affirmed the company’s Long-Term Foreign Currency Rating at ‘BB+’ with a Positive Outlook. The rating affirmation reflects KIPCO’s resilience amid challenging regional geopolitical conditions, supported by the financial strength of its key portfolio companies, continued progress in reducing parent-level debt and a sound liquidity position.

In its assessment, CI Ratings highlighted the downward trend in KIPCO’s gross and net debt at the parent company level, alongside the anticipated reduction in financing costs following the repayment of outstanding debt obligations. The agency also recognized the Group’s diversified funding sources, improved debt maturity profile and sufficient liquidity to meet its financial commitments through 2027. CI Ratings further acknowledged the strong market positions and financial performance of KIPCO’s leading portfolio companies, as well as the capabilities of the Group’s management team and its governance standards.

Commenting on the announcement, Moustapha Chami, KIPCO’s Group Chief Financial Officer, said: “The affirmation of our ratings with a Positive Outlook reflects the progress we continue to make in strengthening KIPCO’s financial position, despite a challenging operating environment. Our focus remains on reducing leverage, optimizing our portfolio and maintaining sufficient liquidity to meet our obligations. The steps we have taken to improve our debt maturity profile and lower financing costs are creating a stronger foundation for sustainable growth and long-term value creation.”

The announcement follows the recent affirmation by Fitch Ratings of KIPCO’s Long-Term Issuer Default Rating at ‘BB-’ with a Stable Outlook, as well as the Group’s full repayment of US$353.98 million in outstanding bonds issued under its Euro Medium Term Note (EMTN) program.

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