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Latest Satellite News Discussion, Showtimes KIPCO downgraded at General Satellite News forum; Showtimes KIPCO downgraded Chris Forrester 06-09-2009 Showtime Arabia recently merged its Middle East pay-TV business with arch-rival Orbit. It seems ...

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Showtimes KIPCO downgraded - 07-September-2009, 02:50

Showtimes KIPCO downgraded
Chris Forrester
06-09-2009

Showtime Arabia recently merged its Middle East pay-TV business with arch-rival Orbit. It seems the move partly helped drive a ratings downgrade on KIPCO, which is part-owned by a Kuwaiti sovereign fund, and that holds a couple of major local banks in its portfolio.

Kuwait Projects Company Holding (KIPCO) has been downgraded by Moodys Investors Service from stable to negative reflecting deterioration in the credit quality of some of its core subsidiaries, says Moodys. The four core subsidiaries form the major portions of KIPCOs business and include United Gulf Bank, Burgan Bank as well as Gulf Insurance Co. [These] and satellite TV broadcaster Showtime and Orbit currently constitute 78% of the companys asset base and represent 64% of KIPCOs cash flows, says Moodys.



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