Moody's may downgrade Kuwait Projects

Moody's Investors Service said it placed on review for possible downgrade the issuer ratings for Kuwait Projects Co. Holding KSC and for Kuwait Projects Co. (Cayman) as well as the instruments rating under the dollar, euro medium-term note program and Kuwait's short-term issuer rating of P-3.

The placement follows a more detailed assessment of Kuwait Project Co. Holding's year-end 2010 financial data, Moody's said. The trend line of some key metrics indicates a weakening against prior years.

The review will focus on the cash generation capacity of investment holdings, an assessment of the liquidity strength and refinancing requirements and an evaluation of core subsidiaries, namely those of United Gulf Bank BSC, Burgan Bank and OSN showtime.

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