Moody's Investors Service has today placed on review for possible downgrade the issuer ratings for Kuwait Projects Company Holding K.S.C. (KIPCO) and for Kuwait Projects Co. (Cayman) as well as the instruments rating under the USD EMTN programme and KIPCO's short-term issuer rating of P-3, Global Arab Network reports according to a press statement.
Moody's decision to place the ratings on review follows a more detailed assessment of KIPCO's year-end 2010 financial data. The trend line of some key metrics -- cash coverage and market-value leverage (MVL) -- indicates a weakening against prior years. Whilst MVL at 22% (19% at FYE
2009) remained within Moody's expectations for the Baa2 rating category, i.e. below 25%, cash coverage weakened from the 2009 year-end level of
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