Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the issue rating of ‘BBB-’ assigned to the KWD80mn Senior Unsecured Bond comprising fixed and floating tranches (due in 2028) issued by United Real Estate Company (URC or the Company). The Outlook for the rating is Stable.
The rating and outlook for the bond are driven by CI Ratings’ assessment of the fundamental credit strength and general repayment capacity of URC. The Bonds are considered senior unsecured obligations and rank pari passu in priority of payment with other outstanding senior unsecured obligations of URC.
The main drivers for the rating are (a) the Company’s well-established franchise in Kuwait and the MENA region with a geographically diversified asset base comprising a large portfolio of income-generating properties; (b) a wide and well-established lender base, the maintenance of a good debt maturity profile, and sound financial policy; (c) the ability to raise funds…