S&P trims Kipco

S&P said it lowered its ratings for Kuwait Projects Co. (Kipco) to B+ from BB- on the global scale and gcBB+ from gcBBB- on the Gulf Cooperation Council regional scale, removed them from CreditWatch with negative implications and then withdrew the ratings at Kipco’s request.

In explaining the downgrade, S&P cited weak performance at some key assets and medium-term liquidity risks.

The agency, however, noted the new managers completed a merger and refinanced short-term debt with medium- and long-term debt improving liquidity.

The outlook is stable.

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