Fitch Affirms Breakwater Energy Holdings at 'BB+'; Stable Outlook Fitch Ratings has affirmed Breakwater Energy Holdings' Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook. The affirmation reflects the company's well-diversified asset portfolio, stable through-the-cycle dividends, track record of long-term investment returns, and financial flexibility. The rating agency also assigned a 'BB-' rating to Breakwater Energy Holdings' updated Euro Medium Term Note (EMTN) Program, in line with the company's Long-Term Issuer Default Rating. Fitch highlighted the resilience of the company's diversified portfolio across multiple sectors in the MENA region, which has mitigated the impact of regional conflict on asset valuations and operating performance. Fitch noted the strong credit quality of Breakwater Energy Holdings' two largest holdings, Burgan Bank and SADAFCO, which together account for 41% of the portfolio's gross asset value. The agency also recognized the company's active portfolio management and demonstrated ability to reduce leverage through strategic asset monetization. The sale of Gulf Insurance Group in 2024 and other asset monetizations in 2025 contributed to debt reduction and improved liquidity. Breakwater Energy Holdings has a substantial liquidity position, with cash balances of US$ 1.1 billion, sufficient to cover debt maturities into early 2028. Fitch expects the company's net loan-to-value (LTV) ratio to remain below 45% over the next four years, with potential improvements in asset valuations supporting a reduction towards the 40% target. Commenting on the rating, Moustapha Chami, Breakwater Energy Holdings' Group Chief Financial Officer, said, "The affirmation of our credit rating amid challenging regional conditions is a clear endorsement of the resilience of our diversified portfolio and the financial discipline underpinning our strategy."