Fitch Revise Outlook to Stable; Affirms IDR at BB-

Summary by AI ^BETAClose X

Fitch Ratings has revised Kuwait Projects Company's (KIPCO) outlook to Stable and affirmed its Long-Term Issuer Default Rating at 'BB-'. This upgrade is attributed to improved leverage, with the net loan-to-value ratio expected to remain below 40% over the next four years, down from 51.2% at the end of 2024, following asset monetisation. KIPCO's portfolio credit quality by equity value decreased to 'b' from 'b+'. The company benefits from a highly diversified portfolio across industries in the MENA region, a history of long-term returns and asset monetisation, significant influence over its portfolio companies, stable dividends, and supportive shareholders.

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Kuwait Projects Co SPC Limited

17 December 2025

Kuwait Projects Co SPC Limited

Fitch Revises KIPCO's Outlook to Stable; Affirms IDR at 'BB-'

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 revised its outlook to Stable and affirmed its Long-Term Issuer Default Rating (IDR) at 'BB-'.

As per Fitch's rating commentary, Outlook change reflects improved leverage following the monetisation of certain assets and Fitch's expectations that the net loan-to-value (LTV) ratio will remain below 40% over the next four years, compared with 51.2% at end-2024, in line with management's target to keep leverage low. KIPCO's weighted-average portfolio credit quality by equity valued decreased to 'b' from 'b+' following the asset monetisation.

Rating strengths are high diversification of KIPCO's portfolio across several industries and a presence in the MENA region, a record of long-term returns and asset monetisation, major influence over most 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: +965 2294 3416, Email: eman.alawadhi@kipco.com

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