Disclosure of Credit Rating Form


Details
National Industries Group (Holding) (K.P.S.C.)
23/07/2026

Credit rating form

Capital Intelligence Ratings Ltd. (“CI Ratings”)
Affirmed Issue rating of “BBB-” with a “stable” outlook assigned to the Kuwaiti Dinar 40 million senior unsecured bond issued by the Company.
The stable rating reflects the Company’s established financial strength and its demonstrated ability to manage earnings volatility as well as both funding and liquidity risk. The rating is supported by satisfactory liquidity, including available committed bank facilities, and continued access to debt capital markets and long-term banking facilities despite regional geopolitical challenges. Additional support is derived from the diversified and high-quality asset base, resilient earnings streams, sound profitability of subsidiaries and associates, and steady dividend flows to the parent company. While elevated gross debt levels and low interest coverage remain key rating constraints, management’s proactive approach to financial risk management and planned asset disposals to reduce leverage support the rating stability.
There is no impact of this rating on the Company’s financial position.
The outlook is “Stable”
Attached
501 CR.pdf

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