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KIPCO
Our ref: KIPCO/DGCEO 146/23 dated December 21, 2023
Boursa Kuwait Company
KUWAIT
Subject: Disclosure from KIPCO regardingcredit rating
With reference to the above subject, and the requirements of the fourth chapter from module ten of the executive bylaws of Law No. 7 of 2010, amended by Law No. 22 of 2015 on the establishment of the Capital Market Authority and the regulation of securities activity and its amendments, regarding disclosure of material information.
Please find enclosed KIPCO's disclosure form of credit rating report issued by Fitch Ratings.
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Sincerely,
..!I .E_ .p ...,:, (�liiJI) �g!JI &Ji..:..o aS'_r1, Kuwait Projects Company (Holding) K.S.C.P.
23118 :',?Jl=,,.:cll �I �J Commercial register, 23118
'- | +965 | 2294 3400 | fg9.;.ll9 ;.i...o.llg "-! cJ=ll JUI v-ui; | G.l�I Zui= -�-� � |
a | +965 | 2244 4356 | <$!.� JU!-' 504,847,626.900 | G.1�I13100 ,ol,,.dl 23982 .y..p |
� kipco@kipco.com | Authorized, Issued and Paid up | KIPCO Tower, Sharq, Kuwait City | ||
0 www.kipco.com | Capital: KD 504,847,626.900 | P.O. Box 23982 Safat, 13100 Kuwait |
ينامتئلاا فينصتلا نع حاصفلإا جذومن
Disclosure Form of Credit Rating
21/12/2023 | 21/12/2023 | خيراتلا |
Date | ||
ةكرشلا مسا | ||
Kuwait Projects Company (Holding) "KIPCO" | "وكبيك " )ةضباقلا( تيوكلا عيراشم ةكرش | ةجردلما |
Name of the | ||
Listed Company | ||
ةردصلما ةهجلا | ||
ينامتثلاا فينصتلل شتيف ةلاكو | فينصتلل | |
Fitch Ratings | Entity who Issues | |
the Rating | ||
Long term issue credit rating: BB- | BB- : لجلأا ليوط ينامتئا فينصت | فينصتلا ةئف |
Rating Category | ||
'BB' ratings indicate an elevated vulnerability to | رطاخلم ةيلاع ةيلباق ىلإ "BB" ينامتئلاا فينصتلا ريشي | فينصتلا تلاولدم |
Rating | ||
default risk, particularly in the event of adverse | تارييغت ثودح ةلاح يف اميس لا ،دادسلا نع فلختلا | |
changes in business or economic conditions over | ||
؛تقولا رورم عم ةيداصتقلاا وأ ةيراجتلا فورظلا يف ةيبلس | Implications | |
time; however, business or financial flexibility | ||
exists that supports the servicing of financial | ةمدخ معدت ةيلام وأ ةيراجت ةنورم دجوت ،كلذ عمو | |
commitments. | ||
.ةيلالما تامازتللاا | ||
فينصتلا ساكعنا | ||
No expected material impact on KIPCO 's financial | وكبيك ةكرشل يلالما زكرلما ىلع يدام ريثأت دوجو عقوتلما نم سيل | ةكرشلا عاضوأ ىلع |
Rating effect on | ||
position | ||
the status of the | ||
Company | ||
Stable | ةرقتسم | ةيلبقتسلما ةرظنلا |
Outlook | ||
Fitch ratings has Downgraded KIPCO to "BB-" from "BB" with a Stable Outlook.
Rating Action Overview
As per Fitch's announcement, the downgrade reflects the company's high
leverage with Net LTV (loan-to-value) at
41.4% expected at end-2024.
Further, in Fitch's opinion, KIPCO's
weighted average portfolio credit strength
by equity value is relatively weak at 'b+'
driven by Fitch's assessment of credit
quality of its subsidiaries and weak recent
profitability within its banking and financial
sector.
KIPCO's rating is supported by a combination of transformed portfolio with increased diversification across several industries and presence in Middle East &
North Africa (MENA) region, established track record of long-term returns, significant influence over the majority of companies in
the portfolio, and stable dividend flow from
the portfolio companies through-the-cycle. The report also recognized the Company's success in refinancing its debt maturities and
monetizing its investments.
وكبيك ةكرشل ينامتئلاا فينصتلا ضيفخت شتيف ةلاكو
.ةرقتسم ةيلبقتسم ةرظن عم"BB-" ىلا "BB" نم
:فينصتلا نع ةماع ةحمل
فينصتلا ضيفخت سكعي ،شتيف ةلاكو نلاعلإ اًقفو ةبسن عم ةكرشلل ةيلاعلا ةيلاملا ةعفارلا ينامتئلاا
دنع ةيرامثتسلاا ةظفحملا ةميقلا ىلا ضورقلا
.2024 ماع ةياهن يف ةعقوتم ٪41.4 طسوتملا نأ شتيف ةلاكو ىرت ،كلذ ىلع ةولاع نم وكبيك ةظفحمب ةصاخلا ةينامتئلاا ةوقلل حجرملا
ىوتسم دنع ايبسنً فيعض مهسلأا ةميق ثيح "B+"
تاكرشلل ةينامتئلاا ةدوجلل ةلاكولا مييقتب اعوفدمً
عاطقلا يف ةريخلأا ةنولآا يف ةيحبرلا فعضو ةعباتلا
.يلاملاو يفرصملا نم جيزم للاخ نم موعدم وكبيك ةكرش فينصت نا
ديدعلا يف عيونتلا ةدايز عم اثيدح ةلوحتملا ةظفحملا طسولأا قرشلا ةقطنم يف دجاوتلاو تاعاطقلا نم ةليوط تادئاعلا نم لفاح لجسو ،ايقيرفأ لامشو
يف تاكرشلا ةيبلاغ ىلع ريبك ريثأتو ،لجلأا تاكرش نم رقتسم حابرأ قفدت و ،ةظفحملا
.ةظفحملا
ليومت ةداعإ يف ةكرشلا حاجنب ريرقتلا رقأ امك
.اهتارامثتسا نم جراختلاو اهنويد تاقاقحتسا لاجآ
حيرصتلا ةمجرت وأ يفحصلا يذيفنتلا صخللما
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Kuwait Projects Company (Holding) KSC published this content on 24 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 December 2023 05:33:34 UTC.