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.”