Kamco Investment Company – Ratings Affirmed

Ref: KW04522 CRA00- 01 25 May 2023

Kamco Investment Company – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (S T FCR ) of Kamco In vestment Company K.S.C.P. (Kamco ) at ‘BBB’ and ‘A3’, respectively. The Outlook on the ratings remains Stable.

The two most important credit strengths that support the rating s are K amco ’s market leadership position within the Kuwait asset management sector and its strong funding and liquidity base. There is currently no short-term bank debt , with funding mainly coming from the KWD40mn bond issue and a KWD5mn long-term bank loan. K amco however enjoys considerable flexibility in its funding plans as existing cash balances plus committed but undrawn bank lines comfortably exceed the amount of the maturing bond.

Earnings performance in 2022 was more ‘normal’…