Fitch Affirms Kuwait Projects Company at BB- With Stable Outlook and Liquidity Into 2028

Fitch Ratings affirmed Kuwait Projects Company (Holding) K.S.C.P.'s Long-Term Issuer Default Rating at 'BB-' with a Stable Outlook, the company said in a regulatory announcement carried by TradingView. KIPCO disclosed the affirmation as Obligor of Kuwait Projects Company Sukuk Limited. Fitch also assigned Kuwait Projects Co SPC Limited's updated EMTN program a 'BB-' rating with a Recovery Rating of 'RR4'.

What Fitch Said About KIPCO's Portfolio

KIPCO is a Kuwait-based holding company with a diversified MENA portfolio, and the notes issued under the EMTN program are unconditionally and irrevocably guaranteed by KIPCO. According to the announcement, Fitch said the affirmation and stable outlook reflect the resilience of that portfolio, which has mitigated the impact of the regional geopolitical environment.

Fitch expects net loan-to-value to remain below 45% over the next four years, with potential upside toward the 40% target if regional tensions ease. The agency also cited 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, according to the announcement. Fitch Ratings published the rating commentary on its own website.

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Where KIPCO's Rating Goes From Here

Fitch's outlook ties potential upside toward the 40% net loan-to-value target to an easing of regional tensions, and the agency expects net loan-to-value to stay below 45% over the next four years. Fitch's liquidity assessment covers KIPCO's upcoming debt maturities into early 2028.