Moody’s affirms A1 issuer rating for PIF ...United Arab Emirates

Moody’s Investors Service has maintained the long- and short-term issuer ratings of Saudi Real Estate Refinance Company (SRC) at ‘A2/P-1’ and changed the outlook to positive from stable. Moody’s also kept the ‘Aa2.sa/SA-1’ long- and short-term national scale issuer ratings. This was mainly driven by Moody’s affirmation of the ‘A1’ issuer rating for the Public Investment Fund (PIF), the parent and support provider of Saudi Real Estate Refinance. The rating highlighted the company’s solid asset quality and strong capitalisation, which are backed by ongoing and still-evolving profitability, a high reliance on wholesale funding, and concentrated exposure to the relatively new mortgage market in

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