S&P lowers Kuwait Energy

S&P said it lowered the long-term corporate credit rating on Kuwait Energy plc to CCC+ from B-.

The outlook is stable.

The agency also lowered the long-term issue rating on Kuwait Energy's senior unsecured debt to CCC+ from B-.

At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on June 19.

The agency said the downgrade reflects that Kuwait Energy has not improved its capital structure, while its liquidity remains sensitive to fluctuating oil prices and working capital swings.

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