Fitch affirms KIPCO's rating at 'BB-' / Stable

Kuwait Projects Co SPC Limited

29 October 2026

 

Kuwait Projects Co SPC Limited

Fitch affirms KIPCO's rating at 'BB-' with stable outlook  

Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), in its capacity as the Guarantor of Kuwait Projects Co SPC Limited, announced that Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. Fitch has also assigned Kuwait Projects Co SPC Limited's updated EMTN program 'BB-' rating with a Recovery Rating of 'RR4'. Notes issued under the program are unconditionally and irrevocably guaranteed by KIPCO.

As per Fitch's rating commentary, the affirmation and stable outlook reflects the resilience of KIPCO's diversified MENA portfolio, which has mitigated the impact of the regional geopolitical environment. Fitch expects net loan-to-value (LTV) to remain below 45% over the next four years, with potential upside towards the 40% target upon easing of regional tensions. Fitch also highlights KIPCO's strong liquidity position which covers upcoming debt maturities into early 2028.

The rating is further supported by KIPCO's record of investment returns and asset monetization, active portfolio management, significant influence over portfolio companies, stable dividends through the cycle and supportive shareholders.

The rating announcement can be seen at https://www.fitchratings.com/

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: [phone], Email: [e-mail]

 

END