KAMCO Investment Company – Ratings Affirmed

Ref: KW04520 CRA00- 01 20 May 2021

KAMCO Investment Company – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of KAMCO Investment Company K.S.C.P. (KAMCO) at ‘BBB’ and ‘A3’ , respectively . Despite the impacts on the Kuwait i economy from the sharp drop in oil prices and Covid-19 – and the resulting loss for KAMCO in 2020 – the Outlook on the ratings remains Stable.

A year ago, CI’s baseline assumption had been that Covid-19 represented a temporary but severe shock to most economies – with the expectation that the pandemic would peak during Q2 20 with restrictions on movement and air travel to be gradually unwound beginning in early Q3. This, in turn, would allow economic activity and financial conditions to begin to return to normal by Q4. This assumption was clearly too optimistic. We now…