Although the Group had minimal impact in terms of the Centris I operation, KA’s major pandemic related issue stems from the delays experienced in terms of the Group’s ongoing projects, more specifically referring to Centris II and the Swieqi apartment complex developments.

Upon taking into consideration, the liquidity constraints such delays have had on KA, the Group’s interest coverage for FY20 is expected to deteriorate down to 1.5x. On this basis, we are issuing a Neutral credit opinion on the Issuer.

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