Mubasher: Capital Intelligence (CI) has affirmed the long-term credit rating of Al Mazaya Holding Company at “BBB-”, while the short-term rating was affirmed at “A3”, with a “stable” outlook.
The rating of Al Mazaya, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), was endorsed by the diversity in its business model and its sound liquidity.
The high percentage of encumbered assets of Al Mazaya and low profits will threaten the company’s outlook.
For the first nine months of 2018, Al Mazaya profits tumbled 30% year-on-year to KWD 4.82 million.
By 09:46 am Kuwait time, Al Mazaya’s stock levelled up 0.79% at KWD 76.10.=
