Wednesday, 3 June 2009

Saad Group downgraded by Moody’s

The Saudi-based Saad Group, which has interests in sectors ranging from banking to civil engineering to health care, has been downgraded by the financial ratings agency Moody’s to non-investment grade after the company said it would make an “orderly restructure” of its debt because of a short-term liquidity squeeze.

Moody’s said there was a heightened risk that Saad Group-related companies would default “if they face increased contagion from disputes originating from the shareholder”.

The downgrade comes after reports at the weekend that the Saudi Arabia Monetary Authority froze accounts belonging to the Saudi billionaire Maan al Sanea, who set up Saad in the 1980s and who is one of Saudi Arabia’s most prominent businessmen. Mr al Sanea is also one of the largest shareholders in HSBC and Samba Financial Group.

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2 comments:

  1. AnonymousWednesday, June 03, 2009 8:46:00 am

    I'm an employee of SAAD GROUP We are now experiencing mass recession in the company, yet i'm not in the list to be removed but i'm ready to be removed. Our concern now is that up to this moment we did not recieve any salary which is a very heavy blow to us as employee, this could down the morale of the employees.

    ReplyDelete
  2. Rupert Neil BumfreyWednesday, June 03, 2009 4:19:00 pm

    All the very best of luck and hopefully your salaries will be paid, once the dust settles!

    ReplyDelete

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