Capital Intelligence Re-Evaluates ISKAN's Bonds |
|
Network this!
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.
Iskan's Chairman stated that the company had been conservative in its assets evaluation and management as well as creating enough provisions which will help it enhance the quality of those assets to provide a solid foundation for both its credit and loan portfolios.
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
Comment on this article 
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
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. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Loading ...
from issuers in both public and private sectors. It is not an e-tendering service and is entirely FREE.
As an Issuer, you can benefit from posting an unlimited number of Tender
Notices for FREE and reaching out to an online community of bidders.
The service also offers you a tool to track the interest of bidders to your
tenders 'live' online.
| Financial Services Tenders | Due Date |
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Emirates Telecommunications Corporation | UAE | Telecommunications Services |
| Sharjah Electricity and Water Authority | UAE | Electric Utilities |
| Al Azizia Panda United Company | Saudi Arabia | General Retailers |
| Hyundai Engineering and Construction Company - Saudi Arabia | Saudi Arabia | Construction and Design |
| National Commercial Bank | Saudi Arabia | Banking |
| Commercial International Bank (Egypt) | Egypt | Banking |
Projects
| Project Name | Country | Sector |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Al Futtaim Carillion - Marina Hotel (Yas Island) | UAE | Real Estate |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| Al Safwa - Jeddah Cement Plant | Saudi Arabia | Industry |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Qatar | Infrastructure |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Bahrain | Infrastructure |