Kuwait Financial Centre’s 5-Year Senior Unsecured Bond – ‘BBB’ Issue Rating Affirmed with a Stable Outlook

15 November 2023

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the ‘BBB’ issue rating assigned to Kuwait Financial Centre’s (Markaz; the issuer) KWD35mn or USD equivalent 5-Year Senior Unsecured Bond. The Outlook on the rating remains Stable.

The issue rating is driven by Markaz’s general creditworthiness. The latter is reflected by the Company’s resilient financial metrics in terms of both liquidity and debt, especially as at end-October 2023, given the significant lowering of bank borrowings and moderate leverage. Other supporting factors are the high level of unencumbered assets and the maintenance of substantial unutilised – but committed – funding lines. The rating also reflects the issuer’s well-established franchise and good reputation in the region, especially in Kuwait. The experienced management team is considered to be well equipped to continue to effectively navigate the Company through the current subdued…