Kuwait – Mubasher: Capital Intelligence Ratings (CI) has affirmed United Real Estate Company's Bond Rating at 'BBB', with a ‘Stable’ Outlook, the company said in a bourse statement issued on Sunday.
The company has issued KWD 60 million worth bonds that are matured in June 2018.
The rating is underpinned by United Real Estate’s sound financial profile, notwithstanding the marginally weaker year-on-year earnings in the third quarter of 2016, CI said in its recent report.
“The major positives supporting the rating are the much improved debt maturity profile, the sizeable portfolio of high-end income generating properties and hotels, and its demonstrated ability to term out existing debts, as well as to source new funding, on largely an unsecured basis,” the report added.
