Moody’s Investors Service has downgraded the ratings of Saad Trading Contracting & Financial Services Company (STCFSC), Saad Investments Company Limited (SICL) and Saad Group Limited (SGL) to B1 from Baa1. Moody’s has placed the ratings on review for further downgrade.
The rating action follows public reports that the Saudi Arabia Monetary Authority (SAMA) may have ordered that the accounts belonging to Saad’s majority owner and Chairman be frozen.
No reason has yet been given for this action, and the disclosure relating to this development has been limited. Moody’s notes that the events of the past few days have resulted in heightened risk of default at entities of the Saad Group, if they face increased contagion from disputes originating from the shareholder.
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