Fitch rates Kipco BB

Fitch Ratings said it assigned Kuwait Projects Co. (Holding) KSC (Kipco) a long-term issuer default rating of BB with a stable outlook.

“The BB rating is derived by taking Kipco's blended income stream assessment (BISA) of bb- and applying a one-notch uplift for dividend diversification and no uplift for supplemental factors. The BISA reflects the weighted average credit quality of the dividend income streams from the investments minus one notch for their subordination,” Fitch said in a press release.

The agency also noted that the recently completed acquisition of Qurain Petrochemical Industries Co. boosts its gross asset value and adds significant stakes in petrochemical and consumer to a portfolio that was weighted toward banks, asset management and insurance.

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