Mubasher: Kuwait Projects Holding (KIPCO) said that the rating agency Standard & Poor's (S&P) the long- and short-term credit ratings at ‘BBB−’ and ‘A-3’, respectively, according to a bourse disclosure on Thursday.

The global rating agency has also affirmed KIPCO’s Outlook at ‘Negative’.

Affirming the company’s rating follows the disclosure, on 31 January 2019, of its plans to increase the capital through a rights issue, KIPCO added.

based on the local and regional modified standards for the GCC countries, according to a bourse statement.

KIPCO said that the international rating agency has affirmed on 17 February the rating of “gcAA-” which is equal to the international rating of “BBB-”, with a ‘Stable’ Outlook. It added that S&P has affirmed the company’s short-term credit rating at “A-3”.

S&P noted that upon KIPCO’s asset value and based on the market value, debt ratio is expected to reach 34% as registered on 31 December 2018.

With the expected capital hike, the company’s debt ratio to investments at market value is forecast to regain its percentage at 25.

At the stock level, KIPCO closed Thursday’s session 2.11% higher at 194 fils.