Fitch rates Kuwait Energy notes B-

Fitch Ratings said it has assigned Kuwait Energy plc's (B-/stable) $250 million of 9½% notes due 2019 a final senior unsecured B- rating.

The agency said it rates the notes at the same level as Kuwait Energy's long-term foreign currency issuer default rating of B- and cap the recovery rating at RR4 due to the company's exposure to Egypt (B-/stable).

Bondholders will benefit from guarantees provided by certain subsidiaries of Kuwait Energy, the initial guarantors, that together with the issuer represented 78.7% and 81.4% of Kuwait Energy's consolidated EBITDAX and average daily working interest production, respectively, for the three months ended March 31, Fitch said.

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