Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has authorised Moody’s Investors Service to conduct credit rating activities in the Kingdom, Moody’s announced on Tuesday.
“Moody's looks forward to deepening its role in the Kingdom's debt capital markets,” the international ratings agency said in a statement released Tuesday.
"Given the Kingdom's increasing prominence in the debt capital markets, we look forward to building on our two decades of experience in the region, and continuing to provide insightful, transparent, and predictive credit ratings," commented Monica Merli, managing director -- regional head of Europe, Middle East and Africa (EMEA).
Moody’s will also establish an office in the Kingdom’s capital of Riyadh, the company said.
According to Jehad El-Nakla, general manager of Moody's Investors Service Middle East, the new office “demonstrates [Moody’s] continued commitment to the development of the debt capital market in the Kingdom and this aligns with the implementation of Saudi's Vision 2030.”
"A Moody's rating can facilitate access to both domestic and international pools of debt capital and we expect debt issuance to continue to increase in Saudi Arabia as demonstrated by the Kingdom's debut international bond issuance in 2016," El-Nakla highlighted.
In April, Saudi Arabia completed the world’s “largest-ever” inaugural sukuk issue of $9 billion, a transaction that was given an "A1" rating by Moody’s.
A key market in Islamic finance, Moody’s recognises Saudi Arabia’s position as “a global thought leader through ratings, research, and speaking engagements” at leading conferences.
