United Real Estate – KWD80mn Senior Unsecured Bond Rating Affirmed with a Stable Outlook

3 March 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the issue rating for the KWD80mn Senior Unsecured Bond issue comprising KWD54.6mn fixed-rate and KWD25.4mn floating-rate bonds maturing in 2028 of the United Real Estate Company K.S.C.P. (URC or the Company) at ‘BBB-’ with a Stable Outlook.

The affirmation of the rating and outlook for the bond is driven by CI Ratings’ assessment of the fundamental credit strength and the 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 the Company.

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, and the maintenance of a good debt…