Moody's cuts Kuwait Projects view to negative

Moody's Investors Service said it affirmed the Baa1 long term and prime-2 short-term issuer ratings of Kuwait Projects Co. Holding KSC and assigned Baa1/prime-2 ratings to its existing $2 billion European medium-term note program.

The outlook was revised to negative from stable, reflecting deterioration in the credit quality of some of its core subsidiaries.

The company has responded well to a challenging global and local market environment by strengthening liquidity and actively managing leverage in support of credit metrics, Moody's said.

But it exhibits high concentration of dividend income from three subsidiaries, which engage in banking and insurance activities, the agency said.

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