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Moody’s calls transfer of Aramco shares to PIF as credit positive

Moody's announced that it was putting a number of the Israeli government's credit ratings on review for a downgrade. (AFP)
By TRENDS Desk
February 17, 2022 4:50 pm
  • The transaction, which saw Aramco transferring a 4 percent stake to PIF, will also improve the fund’s sector diversification, and will add an asset that regularly pays dividends
  • PIF’s assets will increase by SR296.4 billion ($79 billion) following the transfer, or 20 percent higher than in 2020

Moody’s has termed the share transfer of Saudi Arabia’s Aramco to the Public Investment Fund as credit positive as it increases the fund’s assets under management.

The transaction, which saw Aramco transferring a 4 percent stake to PIF, will also improve the fund’s sector diversification, and will add an asset that regularly pays dividends to its portfolio, Moody’s said.

PIF’s assets will increase by SR296.4 billion ($79 billion) following the transfer, or 20 percent higher than in 2020.

Moody’s also expects an increase in dividends for the fund, which will improve interest coverage ratio — especially that Aramco is a regular dividend payer.

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