Middle East Economic Survey

VOL. LIII

No 13

29-March-2010

KUWAIT

S&P Downgrades KIPCO Corporate Credit Rating

Standard & Poors Ratings Services (S&P) announced on 24 March that it lowered its long term corporate credit rating on Kuwait Projects Company (KIPCO) to BBB from BBB+. All ratings, including the A-2 short-term corporate credit rating, remain on CreditWatch, where they were placed with negative implications on 10 February. The downgrade reflects our view on KIPCOs portfolio...