Middle East Economic Survey
S&P Downgrades KIPCO Corporate Credit Rating Further
Standard & Poors Ratings Services (S&P) has further downgraded its long-term corporate credit rating for Kuwait Projects Company (KIPCO) to BBB- from BBB, it said on 30 March. The ratings agency cited falling equity values and the companys depositing of cash into subsidiaries as a rising financial risk. We believe these deposits to be liquid and of fluctuating levels,...