Earnings & Results
KIPCO Holds BB+ Long-Term Rating as CI Ratings Turns Outlook Positive
By News Desk ·
Key takeaways
- Capital Intelligence Ratings affirmed KIPCO's Long-Term Foreign Currency Rating at BB+ and changed the outlook to Positive.
- CI Ratings said KIPCO has sufficient liquidity to meet financial commitments through 2027.
- KIPCO fully repaid $353.98 million in outstanding bonds under its Euro Medium Term Note program.
KIPCO – Kuwait Projects Company (Holding) said Capital Intelligence Ratings affirmed its Long-Term Foreign Currency Rating at 'BB+' and assigned a Positive Outlook, according to Kuwait Times. KIPCO is a Kuwait-based holding group whose portfolio companies span banking, media, real estate and industry.
What CI Ratings Said About KIPCO's Debt
Capital Intelligence Ratings pointed to a downward trend in KIPCO's gross and net debt at the parent company level. The agency also cited the expected reduction in financing costs after the repayment of outstanding debt obligations.
CI Ratings recognized KIPCO's diversified funding sources, an improved debt maturity profile and liquidity it described as sufficient to meet financial commitments through 2027. The agency also noted the market positions and financial performance of KIPCO's leading portfolio companies, along with the group's management capabilities and governance standards.
CI Ratings said KIPCO had shown considerable resilience despite the effect of regional developments on certain businesses and dividend inflows. Moustapha Chami, KIPCO's Group Chief Financial Officer, said: "The affirmation of our ratings with a Positive Outlook reflects the progress we continue to make in strengthening KIPCO's financial position, despite a challenging operating environment."
The announcement follows Fitch Ratings' affirmation of KIPCO's Long-Term Issuer Default Rating at 'BB-' with a Stable Outlook. KIPCO also fully repaid $353.98 million in outstanding bonds issued under its Euro Medium Term Note program.
KIPCO's Bond Repayment and Burgan Bank Support
KIPCO repaid $353.98 million of its $500 million EMTN bonds ahead of maturity, funded from existing resources, Kuwait Times reported on November 1, 2026. The repayment reduced debt and financing costs without refinancing, and the EMTN program remains active for future access.
On September 12, 2026, Kuwait Times reported that KIPCO reaffirmed its commitment to Burgan Bank as the bank proceeded with a rights issue of up to KD 50 million. The issue involved 277.78 million new shares at 180 fils each.
Rating Actions Elsewhere in Credit Markets
Bloomberg reported on November 13, 2026 that S&P Global Ratings called Nigeria's 2029 investment-grade goal unrealistic, citing how long similar sovereigns take.
Yahoo reported on November 12, 2026 that Fitch Ratings upgraded XPO to investment-grade BBB-, one notch above the cutoff, after revenue growth of 12.4% to $2.37 billion.
Trend reported on November 12, 2026 that Fitch Ratings downgraded BlackRock TCP Capital's issuer default and debt ratings to 'BB-' from 'BB' with a Negative outlook.
FinancialContent Business Page reported on November 11, 2026 that AM Best downgraded Atlantic Coast Life and Sentinel Security Life to C- and ccc- from C+ and b-.
KIPCO's Liquidity Horizon Through 2027
CI Ratings' assessment covers KIPCO's liquidity through 2027, the period in which the agency expects the group to meet its financial commitments. KIPCO's own announcement of the affirmation sets out the same rating and outlook.