The third quarter witnessed minimal bond action in July, with nations such as Bahrain and Oman once again absent. Those who tried to break the monotony did so cursorily and failed to have much impact on the Middle East and North Africa bond panorama.
Kuwait
Capital Standards Rating Co. (CSR) gave a BBB+ bond rating for the up to KWD80 million proposed bond issuance of Kuwait Projects Company (Holding) 'KIPCO'. It would rank equally with any current or prospect unsecured issuances by the firm. The rating reflects KIPCO's strong ability to service its debt with convenient liquidity and a meticulous and active approach to managing its funding profile.
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