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Kuwait’s NIG faces B3 downgraded rating

Kuwait-based National Industries Group Holding's (NIG) 'B3' corporate family rating (CFR) and probability of default rating (PDR) has been placed by Moody's Investors Service under review for possible downgrade. The company's 'B3' instrument rating for the $475m sukuk issued by NIG Sukuk and the (P)B3 MTN programme rating have also been kept under review, the rating agency said. The decision follows a slower-than-anticipated conclusion of the refinancing package of the sukuk maturing August 16 and rising execution risk associated with the steps still to be taken in anticipation of the maturity in less than a month's time, Moody's said.