Kuwait Projects Co SPC Limited

Rating Affirmed and Outlook Revised to Positive by Capital Intelligence Ratings

Kuwait Projects Company (Holding) K.S.C.P., in its capacity as the Guarantor of Kuwait Projects Co SPC Limited, announced that Capital Intelligence Ratings (CI Ratings or CI) has affirmed its Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) at 'BB+' and 'B', respectively. The Outlook on the ratings is raised to Positive.

The report mentions the factors supporting the rating includes solid management team with the ability to improve performance at the operating companies' level, improvement in the debt structure & diversified funding profile, supportive controlling shareholder and good liquidity & short-term debt repayment capacity. It also states that the main portfolio companies have at least satisfactory financial strength metrics.

The report also mentions the degree of concentration in the portfolio, and CI's view that company has high level of debt in relation to portfolio value and tangible equity, which is a key rating driver.

The rating announcement can be accessed at https://ciratings.com/

For further information, please contact:

Investors, Press and Media:

Eman Al-Awadhi

49^th Floor

KIPCO Tower, Khaled Bin Al-Waleed St, Sharq

P.O. Box 23982

Safat 13100

Kuwait

Tel: +965 2294 3416

Email: [email protected]