S&P changes Kipco to negative

S&P said it revised its outlook on Kuwait Projects Co. (Holding) KSC (Kipco) to negative from stable.

The agency affirmed the BBB-/A-3 long- and short-term issuer credit ratings and the gcAA- long-term Gulf Cooperation Council regional scale rating.

“The outlook revision points to Kipco's weak cash flow adequacy ratio, no headroom under its 30% LTV target and deteriorated performance at some of its investee companies,” S&P said in a news release.

“Combined, these factors could intensify pressure on the rating within the next two years.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.