Mubasher: Moody's Investors Service has affirmed the credit rating of Kuwait Projects Holding (KIPCO) at Baa3/P-3, with a stable outlook.

The company’s rating is based on its strong and diverse portfolio in the Middle East and North Africa (MENA), Moody’s said on Wednesday.

The rating also stemmed from KIPCO’s “historical track record of maintaining a strong liquidity profile with around $1.2 billion in cash at holding level as of 31 December 2018 and the propensity to actively pre-fund debt maturities to remove refinancing risk”, Moody’s added.

In February, Standard & Poor's (S&P) affirmed KIPCO’s long- and short-term credit ratings at ‘BBB−’ and ‘A-3’, respectively, with a negative outlook.