Fitch Affirms KEPCO's 'BB' Rating with Stable Outlook

Fitch Ratings affirmed the long-term issuer default rating of Kuwait Projects Company (Kuwait Holding Company) “KIPCO” at “BB” with a stable outlook, and also assigned a “BB” rating to the updated Euro Medium-Term Note program issued by Kuwait Projects Company SPC Limited, guaranteed by KIPCO.

In a disclosure to the Kuwait Stock Exchange, KIPCO stated that, according to Fitch’s credit rating report, the affirmation of the rating and the stable outlook reflect the strength of KIPCO’s diversified portfolio in the Middle East and North Africa region, which has helped mitigate the impact of geopolitical developments in the area.

Fitch projected that KIPCO’s net debt-to-investments ratio would remain below 45% over the next four years, with potential improvement toward the target level of 40% if regional tensions ease. Liquidity is expected to cover upcoming debt maturities through early 2028.