Kamco Investment Company – Ratings Affirmed

Ref: KW04521 CRA00- 01 2 5 May 2022

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 th at support the ratings are Kamco ’s market leadership position within the Kuwait asset management industry and its strong funding and liquidity base. There is currently no short-term debt, with funding coming mainly from the KWD40mn bond issue and a KWD5mn long-term bank loan; t he bond matures next year . Kamco 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.

Most financial markets had …