Mubasher: Moody's Investors Service has affirmed Kuwait Projects Holding’s (KIPCO) Baa3 long-term issuer rating and P-3 short-term issuer rating, according to a statement.

The international rating agency affirmed the provisional (P)Baa3/(P)P-3 ratings assigned to the $3 billion Euro medium-term note programme issued by Kuwait Projects Company Limited and the Baa3 ratings on the backed senior unsecured bonds due in 2020, 2023, 2026 and 2027.

Moreover, Moody's revised KIPCO’s rating outlook to negative from stable.

It is worth noting that the Kuwait-listed company’s profit grew 11.7% year-on-year to KWD 22.76 million in the first nine months of 2019.