Kuwait City: Fitch Rating has assigned KIPCO – Kuwait Projects Company (Holding) – a Long-term Issuer Default Rating of ‘BB’ with a Stable Outlook.

In its commentary, Fitch’s key rating drivers included the improved asset value diversification and a substantial increase in gross asset value that came as a result of the successful completion of the merger with Qurain Petrochemical Industries, KIPCO’s active role in the operation of its portfolio companies, and an uplift from maintaining a medium level of overall dividend diversification driven by strong sector diversification.

Fitch also noted that the company’s near-term refinancing is manageable due to KIPCO’s track record, performing operating assets and established relationship with capital and banking markets.

Ms Eman Al Awadhi, Group Senior Vice President – Corporate Communications & Investor Relations at KIPCO, said:

“We are pleased to have been rated ‘BB’ with a Stable Outlook by Fitch Rating. The rating underscores KIPCO’s strong and diversified portfolio of performing investments, balanced and diversified revenue streams and proactive and well-managed refinancing of near-term debt maturities.

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Kuwait Projects Company (Holding) – KIPCO – is a holding company that focuses on investments in the Middle East and North Africa. Its strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for over 30 years.

KIPCO’s main business sectors are financial services, media, real estate and industry. KIPCO’s financial service interests include holdings in commercial banks, insurance companies, asset management and investment banking.

Further information:                            
Eman Al Awadhi              
Group Senior Vice President
Corporate Communications & Investor Relations
Eman.Alawadhi@kipco.com