S&P lifts Kuwait Projects

Standard & Poor's said it raised the long-term corporate credit rating on Kuwait Projects Co. (Holding) KSC to BBB+ from BBB- and its short-term corporate credit rating to A-2 from A-3.

The outlook is stable.

The upgrade reflects improved financial and portfolio risk profile, which are supported by a commitment to lower gearing, according to S&P.

The ratings include a one-notch uplift to reflect support from members of Kuwait's ruling Al Sabah family, who own 45% of the share capital, the agency said.

The ratings reflect the financial flexibility offered by sizable portfolio of listed equity investments and the quality of its investments, S&P said.

They are constrained by the concentration of the group's investments in Gulf Cooperation Council countries and the Kuwaiti financial sector, the agency said.

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