Fitch gives Kuwait Energy notes B-

Fitch Ratings said it has assigned Kuwait Energy plc a long-term issuer default rating of B- with a stable outlook.

The agency said it has simultaneously assigned an expected senior unsecured rating of B-(exp) to Kuwait Energy's proposed issue of notes (RR4). The notes are rated at the same level as the issuer default rating in line with its rating criteria.

Proceeds from the notes are expected to be used to refinance existing debt, fund capital projects and for general corporate purposes, Fitch noted.

The ratings take into consideration Kuwait Energy's good track record of producing hydrocarbons in difficult geographic areas in which it is present – Egypt, Yemen, Oman.

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