Mubasher: Capital Intelligence Ratings (CI) has affirmed the “BBB-” long-term and 'A3' short-term of Al Mazaya Holding’s ratings, with a “Stable” Outlook, according to a recent report.

The ratings of Al Mazaya, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), are endorsed by diversified operations of the group as well as strong liquidity and good profitability.

CI has also affirmed Al Mazaya’s ratings based on the coverage of interest rate on return, taxes, consumption, and amortisation, the report noted.

The ratings agency expected Al Mazaya to achieve profits attributed to shareholders in line with the results in 2016 or a little less, yet much higher than 2015 and 2014.

It is noteworthy that Al Mazaya achieved a slight rise of 0.56% in profits to KWD 6.875 million in the first nine months of 2017 compared to KWD 6.837 million in the same period last year.