Mubasher: Capital Intelligence (CI) has affirmed the long-term and short-term credit ratings of Al Imtiaz Investment Group at 'BBB' and 'A3', respectively, and lowered its outlook from Positive to Stable.
The 'Stable' outlook shows that the performance and prospects of the company's operating subsidiaries and associates have been affected by the coronavirus (COVID-19) pandemic, the company disclosed to Boursa Kuwait on Wednesday.
The agency expected that COVID-19 will have a temporary but severe shock to global economies, and the economic activity and financial conditions will begin to recover by the fourth quarter (Q4) of 2020 amid the gradual lifting of restrictions.
In addition, the ratings and outlook reflect the company's satisfactory level of debt and leverage and the sound capital base.
It is noteworthy to mention that in 2019, the company's net profits decreased by 1.5% to KWD 19.718 million, compared to around KWD 20.024 million in 2018.