ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

61DH Kuwait Proj.27

0.00
0.00 (0.00%)
Last Updated: -
Delayed by 15 minutes
Name Symbol Market Type
Kuwait Proj.27 LSE:61DH London Medium Term Loan
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 0 -

Kuwait Projects Co SPC Limited Rating action by Moody's Investors Service (0148X)

15/12/2023 11:55am

UK Regulatory


Kuwait Proj.27 (LSE:61DH)
Historical Stock Chart


From Jun 2023 to Jun 2024

Click Here for more Kuwait Proj.27 Charts.

TIDM61DH

RNS Number : 0148X

Kuwait Projects Co SPC Limited

15 December 2023

Kuwait Projects Co SPC Limited

Rating action by Moody's Investors Service (Moody's)

Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), the Guarantor of Kuwait Projects Co SPC Limited, announced that Moody's has downgraded its Corporate Family Rating (CFR) to Ba3 from Ba2 and the Probability of Default Rating (PDR) to Ba3-PD from Ba2-PD. Concurrently, Moody's downgraded to (P)Ba3 from (P)Ba2 the provisional ratings assigned to the senior unsecured $3 billion Euro Medium Term Note (EMTN) program issued by Kuwait Projects Co SPC Limited and to Ba3 from Ba2 the ratings on the backed senior unsecured bonds due in 2026 and 2027 issued by Kuwait Projects Co SPC Limited. Moody's also affirmed Kuwait Projects Co SPC Limited's (P)NP backed short term rating. The outlook on all ratings remains negative. Rating action reflects Moody's expectation that KIPCO's market value leverage (MVL) will remain above 40%, which is higher than what the rating agency originally anticipated.

KIPCO's Ba3 CFR continues to reflect (1) the portfolio of companies' strong market positions in the financial services and chemicals industries within the MENA region; (2) the historical track record of maintaining a strong liquidity profile with the expectation of around $500 million in cash at holding level as of December 2023 and the propensity to actively prefund debt maturities to remove refinancing risk; (3) pro-active steps being taken by the KIPCO's management to strengthen operating and financial performance of major holdings; and (4) shareholder linkages with Kuwait's ruling family.

The ratings also capture (1) the high asset concentration with KIPCO's three largest holdings making up close to 50% of KIPCO's investment portfolio value (excluding cash); (2) capital reinvestment strategy within its subsidiaries which results in low dividends up streamed and the expectation of a low FFO interest coverage ratio at holdco level as of December 2023; and (3) the geographical concentration in MENA, that has areas of heightened geopolitical and macroeconomic risks.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDNKPBQDBDDCBD

(END) Dow Jones Newswires

December 15, 2023 06:55 ET (11:55 GMT)

1 Year Kuwait Proj.27 Chart

1 Year Kuwait Proj.27 Chart

1 Month Kuwait Proj.27 Chart

1 Month Kuwait Proj.27 Chart

Your Recent History

Delayed Upgrade Clock