Saudi Maaden gets top Moody’s, Fitch credit ratings
Saudi Arabian Mining Company (Ma’aden) said it has been assigned a Long-Term Issuer Rating of Baa1 with a "Stable" outlook by Moody's and a Long-Term Issuer Default Rating of BBB+ with a "Stable" outlook by Fitch.
The investment grade ratings reflect Ma’aden’s diversified multi-commodity business model, with global leadership in phosphate production, the Middle East’s largest integrated aluminum value chain, and a scalable Base Metals and New Minerals business.
These ratings confirm Ma’aden’s sustainable, leading low-cost base and robust financial profile, as local and international investment opportunities are assessed, said the company in a statement.
They also follow recent credit rating upgrades for Saudi Arabia, in line with the positive momentum generated by significant reforms as stipulated in the Saudi Vision 2030, it added.
On the key achievement, Ma’aden CEO Robert Wilt said: "These investment grade ratings come as we undertake a major transformation program to strengthen the business and meet our long-term growth targets."
"This further underlines Ma’aden’s strong financial position, boosting investor confidence and cementing our access to global capital markets. More importantly, the ratings underscore our unwavering commitment to deliver on the Saudi Vision 2030 to establish mining as the third pillar of the economy," he added.-TradeArabia News Service
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