Fitch assigned a “highly speculative” B- long-term issuer default rating to independent Kuwait-based firm Kuwait Energy (KEC) as Fitch initiated coverage last week.

Fitch says KEC’s outlook is stable, in spite of ongoing turmoil in Iraq, where 80% of KEC’s proven and probable reserves are located.

KEC has not responded to MEES’ inquiries regarding its operations in Iraq’s Diyala province, where it has a 22.5% stake in the Mansuriya gas field.