Mubasher: Capital Intelligence Rating has affirmed the ratings of KWD 25 million senior unsecured bond and KWD 30 million senior unsecured bond of National Industries Group Holding at 'BBB' and 'BBB-', respectively, with a negative outlook.
The KWD 25 million unsecured bond will be matured in December 2021, while the KWD 30 million unsecured bond will be matured in February 2025, according to the company's disclosure to Boursa Kuwait and Dubai Financial Market (DFM) on Thursday.
The ratings reflect the company's ability to make both interest payments and principal.
The international rating agency has revised its outlook for both ratings from stable to negative due to the coronavirus (COVID-19) impact on the company's financial performance and flexibility.
The ratings do not have an impact on the company's profits and loss account.
It is noteworthy to mention that during the first nine months of 2020, the company incurred net losses of KWD 55.11 million, against KWD 35.81 million profits in the same period of 2019.
