KIPCO – Issuer Ratings and Outlook Affirmed

11 November 2026

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 remains Positive.

Although some Group companies (and investments) have been negatively impacted by the US-Iran conflict, the Group as a whole has shown a high degree of resilience in what has been, and continues to be, a difficult geopolitical environment. While all GCC and Arabian Gulf littoral countries have been affected, the degree of impact has varied considerably. Kuwait, with no ex-Gulf maritime access and a lack of export pipelines that bypass Hormuz, has been impacted more than most. Fortunately, Kuwait entered the period of conflict with strong financial buffers, and the government has been supportive, not least by supporting domestic liquidity. CI Ratings’ current…