Moody’s revises Kipco view to negative

Moody’s Investors Service said it revised the outlook for Kuwait Projects Co., (Kipco) to negative from stable.

The negative outlook reflects Moody’s expectation that market based leverage will remain above Moody’s downward rating guidance of less than 25%. Despite the KD95.1 million in equity raised in July, MVL stood at around 31% as of Dec. 31.

Moody’s affirmed the Baa3 long-term issuer rating and the Baa3 ratings on the backed senior unsecured bonds due in 2020, 2023, 2026 and 2027 issued by Kuwait Projects Co SPC Ltd.

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