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S&P drops Kuwait Projects
Standard & Poor's said it lowered its long-term corporate credit rating on Kuwait Projects Co. (Holding) K.S.C. to BBB- from BBB.
At the same time, the short-term credit rating was lowered to A-3 from A-2, the agency said, adding that the ratings were removed from Creditwatch, where they were placed with negative implications on Feb. 10.
The outlook is stable.
"The downgrade reflects its view that Kuwait Projects' financial risk profile is weakening as a result of the company depositing a relatively significant share of its cash balances at its banking subsidiaries," said credit analyst Andreas Kindahl.
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