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On 17 December 2025, Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), Guarantor of Kuwait Projects Co SPC Limited, announced that Fitch Ratings revised its outlook to Stable. Fitch also affirmed KIPCO's Long-Term Issuer Default Rating (IDR) at 'BB-' and noted its weighted-average portfolio credit quality decreased to 'b' from 'b+'. This reflected an LTV ratio of 51.2% at end-2024 and Fitch's expectation for it to remain below 40% over the next four years.
| Date | 17 Dec 2025 |
| Time | 11:11:45 |
| Category | Miscellaneous |
| ID | 9671L |
Kuwait Projects Co SPC Limited
Fitch Revises KIPCO's Outlook to Stable; Affirms IDR at 'BB-'
Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), in its capacity as the Guarantor of Kuwait Projects Co SPC Limited, announced that Fitch Ratings has revised its outlook to Stable and affirmed its Long-Term Issuer Default Rating (IDR) at 'BB-'.
As per Fitch's rating commentary, Outlook change reflects improved leverage following the monetisation of certain assets and Fitch's expectations that the net loan-to-value (LTV) ratio will remain below 40% over the next four years, compared with 51.2% at end-2024, in line with management's target to keep leverage low. KIPCO's weighted-average portfolio credit quality by equity valued decreased to 'b' from 'b+' following the asset monetisation.
Rating strengths are high diversification of KIPCO's portfolio across several industries and a presence in the MENA region, a record of long-term returns and asset monetisation, major influence over most portfolio companies, stable dividends through the cycle and supportive shareholders.
The rating announcement can be seen at https://www.fitchratings.com/
For further information, please contact:
Investors, Press and Media:
Eman Al-Awadhi
49th Floor
KIPCO Tower, Khaled Bin Al-Waleed St, Sharq
P.O. Box 23982
Safat 13100
Kuwait
Tel: +965 2294 3416, Email: [email protected]