S&P puts Kuwait Energy on positive watch

S&P said it placed its CCC+ long-term issuer credit ratings on Kuwait Energy plc on CreditWatch with positive implications.

At the same time, S&P placed the CCC+ rating on Kuwait Energy's senior unsecured debt on CreditWatch positive.

On Sept. 23, Hong Kong-listed upstream oil and gas company United Energy Group, signed an agreement to acquire Kuwait Energy's issued shares and convertible debt for up to $651 million, subject to regulatory and shareholder approvals.

“The CreditWatch placement reflects our assessment that the transaction could strengthen Kuwait Energy's credit profile. More specifically, we believe the new shareholder could improve Kuwait Energy's liquidity position, which has been a concern, in addition to providing technical expertise,” S&P said in a news release.

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