S&P cuts Kuwait Projects

S&P said it lowered its ratings for Kuwait Projects Co. (Holding) KSC to BB/B and gcA.

The downgrade reflects the company’s deterioration in its loan-to-value ratio and S&P’s uncertainty the company can sell its stake in Middle East pay-TV operator OSN, the agency said.

“Kipco's LTV ratio has increased well above our previous expectations and company's stated financial policy. We expect Kipco to report a ratio of 38.3% as of March 31, 2020, which has worsened from an expected 32.8% at year-end 2019,” S&P said in a press release.

The outlook is negative.

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