Fitch affirms KIPCO at 'BB-' with stable outlook

Fitch Ratings affirms Kuwait Projects Company Holding (KIPCO)'s long-term issuer rating at 'BB-' with a stable outlook, and assigns the same rating to the updated euro medium-term note programme issued by Kuwait Projects Company SPC Limited and guaranteed by KIPCO. Fitch cites the strength of KIPCO's diversified portfolio across the Middle East and North Africa, expects net debt to investment value to stay below 45% over the next four years, and says liquidity covers upcoming debt maturities until early 2028, according to Mubasher.