| 05 Jul 2009 |
|
Capital Intelligence Re-Evaluates ISKAN's Bonds
- Text size
Sheikh Abdullah "The evaluation is positive amid current global economic climate"
Kuwait -5th July, 2009: Housing Finance Company, ISKANHousing Finance Company, ISKAN
, announced today that Capital Intelligence (CI), a leading credit analysis and rating company, has re-evaluated ISKANISKAN's KD 25 million bond rating to (BB-) from (BB+). In its report issued last May, CI upgraded the company's Short term debts rating to (A1+) from (A1), with a "Stable" outlook for Iskan sovereign rating.
Sheikh Abdullah Jaber Al-Ahmed Al-Sabah, the company Chairman said, "ISKANISKAN's management believes that the bond rating, supported by the short term rating and the sovereign outlook," pointing that the report "comes at a time when ratings agencies are conservative in their evaluations."
The re-evaluation of the 2005 Bonds to "BB-" is positive, amidst the current global economic climate, and it reinforces Iskan's obligation towards the bond holders, specially as the company sailed through the worse according to the set plans, he added.
The Chairman explained that one of the factors affecting CI's rating is "hedging" and the uncertainty towards the economy's outlook in the long-run. This is coupled by banks' strict lending policies which ultimately have limited to -great extremes- financing streams in addition to the absence of viable alternatives.
"The upgrade to (A1+) from (A1) on Iskan's short term debts reflects the company's solid financial status, in a time when credit markets witnessed a slowdown both on the local as well as the international levels" Sheikh Abdullah said.
He expected future evaluations to improve on the foot hills of Iskan's debts restructuring plans, present and future plans.
This will also support the company's financial position and give it capacity to fulfill its debts in a balanced way.
Sheikh Abdullah concluded by saying that despite the economic slowdown, "we are optimistic in regards to our cash revenue streams stemming from our operations and investment in 2009."
-Ends-
© Press Release 2009
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
More News in Financial Services
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.