National Industries Group Holding – KWD40mn Senior Unsecured Bond Rating Affirmed with a Stable Outlook

23 July 2026

Capital Intelligence Ratings (CI Ratings or CI) has affirmed the Issue Rating of ‘BBB-’ assigned to the KWD40mn Senior Unsecured Bond maturing in 2027 issued by National Industries Group Holding (NIGH). The Outlook on the rating is Stable.

The issue rating on this senior unsecured bond is in line with CI Ratings’ assessment of the financial strength of the issuer, NIGH. The rating balances negatives such as earnings volatility and, in particular, the high level of gross debt, with management’s demonstrated ability to manage this volatility, as well as both funding and liquidity risk. While particular periods may show falls in profitability ratios, there has been no overall negative trend.

Satisfactory effective liquidity (which includes undrawn amounts under long-term committed bank facilities) and the continued ready access to both debt capital markets and new long-term banking facilities are crucial rating drivers. Both continue to be demonstrated,…