The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, corporate credit rating was upgraded by Fitch Ratings and Moody\u2019s Investor Services.<\/p>\n<\/p>\n
Fitch Ratings upgraded SRC\u2019s Long-Term Issuer Default Ratings (IDRs) to ‘A+’ from ‘A’ with \u2018Stable\u2019 outlook. The rating action follows the recent upgrade of Saudi Arabia’s Long-Term IDRs to ‘A+’ with \u2018Stable\u2019 outlooks.<\/p>\n<\/p>\n
Moody\u2019s Investor Services affirmed SRC\u2019s \u2018A2\u2019 Long-Term Issuer ratings and upgraded its outlooks to \u2018Positive\u2019. In its credit opinion, the agency noted SRC\u2019s strong capitalization, solid asset quality metrics, and the important role it plays in increasing home ownership among Saudi national citizens.<\/p>\n<\/p>\n
Fabrice Susini, CEO of SRC, said: “SRC\u2019s credit upgrades by two of the world\u2019s most influential rating agencies reflect our strong position and therecent positive ratings actions for Saudi Arabia connected to the government\u2019s initiatives to transform the Kingdom\u2019s economy. We look forward to continue raising capital locally and soon internationally on favorable terms to support our continued ability to promote the growth of the Saudi real estate sector and Saudi citizens\u2019 access to homeownership\u201d.<\/p>\n<\/p>\n
These credit ratings further support SRC’s efforts in fulfilling its ambitious goals whilst boosting local and international investor confidence alongside all its stakeholders in the standards and viability of the Saudi real estate industry.<\/p>\n<\/p>\n
The Saudi Real Estate Refinance Company (SRC) was established in 2017 with the aim of helping transform the local housing market. SRC obtained a license from the Saudi Central Bank to operate in real estate refinancing through the secondary market.<\/p>\n<\/p>\n
Source: Saudi Press Agency<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, corporate credit rating was upgraded by Fitch Ratings and Moody\u2019s Investor Services.Fitch Ratings upgraded SRC\u2019s Long-Term Issuer Default Ratings (IDRs) to ‘A+’…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"yoast_head":"\n