Kuwait Financial Centre – Ratings up to KWD50mn Senior Unsecured Bond Programme and KWD35mn First Tranche Bond Issue Affirmed with a Stable Outlook

12 November 2026

The ratings of the Programme and bonds are in line with CI’s assessment of Markaz’s general creditworthiness. This is because the issues under the Programme constitute direct, unconditional and unsecured obligations of the Company, and rank pari passu among its other unsecured financial obligations. The affirmation of the ratings is driven by Markaz’s sound financial position, notwithstanding its weak earnings performance in H1 26. Key financial and non-financial factors supporting the ratings are the Company’s well-established business franchise and experienced management, and prudent funding policy (including low leverage) and good liquidity management, which have been tested through many business cycles. Markaz also has a wide and established lender base and a sizeable portfolio of liquid FVTPL financial assets. Its asset base remains largely unencumbered and it continues to maintain a sizeable level of unutilised, but committed, credit lines, despite…