Moody's assigns first time A1 rating to #SaudiArabia's PIF | ZAWYA MENA Edition

Moody's assigns first time A1 rating to Saudi Arabia's PIF | ZAWYA MENA Edition

Moody's Investors Service on Monday assigned an A1 long term issuer rating (Global Scale Rating (GSR)) and a1 Baseline Credit Assessment (BCA) to Public Investment Fund (PIF), the kingdom's sovereign wealth fund.

The agency also assigned an Aaa.sa long term issuer national scale rating (NSR) for PIF. The outlook on all ratings is stable.

This is the first time Moody's has assigned a rating to PIF.

The rating reflects its standalone creditworthiness as expressed, combined with a 'very high' level of interdependence between the kingdom and PIF and a 'very high' likelihood of extraordinary support being provided to PIF from the kingdom if ever required.

The ratings consider factors such as total assets of 1.24 trillion riyals ($330 billion), based on standalone financials and 2.06 trillion riyals ($549 billion), based on consolidated financials, and underpinned by a steady dividend income stream and a high-quality investment portfolio.