KIPCO – Issuer Ratings Affirmed; Outlook Revised to Positive

4 December 2025

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 the parent company of the KIPCO Group at ‘BB+’ and ‘B’, respectively. The Outlook on the ratings is raised to Positive.

The parent company has a solid management team with the ability to improve performance at the operating companies’ level. The debt structure has been improved, with 44% of borrowing having a maturity of over three years; the average maturity of borrowings was 2.6 years as at Q3 25. Funding is provided by a mixture of bank lines, sukuk and DCM issues. The controlling shareholder has been supportive of a number of rights issues in recent years and in providing other forms of effective capital support. These factors support the rating.

The main portfolio companies have at least satisfactory financial strength metrics, with SADAFCO being a market leader…