Moody’s downgrades Israel’s credit rating due to Hamas conflict
Fitch -- which is the last of the big three US ratings agencies -- placed Israel on negative watch over risks from the conflict. "The weakened security environment implies higher social risk and indicates weaker executive and legislative institutions than Moody's previously assessed," the ratings agency said Friday in the...
Moody’s downgrades US debt rating outlook to negative
Moody's is the only major agency to maintain its rating for US sovereign debt at its highest level -- underscoring the potential economic danger to the United States of failing to reach an agreement to keep the government funded in one week's time. Neither the Democratic-controlled Senate nor the Republican-led...
KSA, Kuwait lead as Islamic banking prospers in GCC
With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the Gulf region has been commendable, says a report.
Moody’s puts Israel’s credit ratings on review for downgrade
Moody's announced that it was putting a number of the Israeli government's credit ratings on review for a downgrade, including its long-term foreign-currency and local-currency ratings, because of the war. "Israel's credit profile has proven resilient to terrorist attacks and military conflict in the past," it said.
Saudi Arabia’s economy to grow 3.2% from 2023-2026: Moody’s
Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026, while the non-oil sector will likely contribute 3.5 percent on average to the Kingdom’s growth in the same period, Moody’s Investors Service said in a recent report. The National Debt Management...
Saudi non-oil GDP growth to be strong despite oil cuts
Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a 6.5% drop in oil production, says a report.
UAE, KSA lead the way in Islamic fintech innovation
Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand and favorable regulations, predicts Moody's.
UAE’s $1.5 bn bond issue oversubscribed five times
Dubai, UAE - The UAE's $1.5 billion bond issue saw five times oversubscription, attracting over $7.4 billion in bids, the Ministry of Finance announced on Monday. The 10-year bond, with a yield of 4.917%, will list on the London Stock Exchange and Nasdaq Dubai, maturing in September 2033. The allocation...
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted firm faces a crucial vote to avoid defaulting on a bond repayment. The ratings firm said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly...
Emaar reports 15% profit growth in H1 2023
The company achieved property sales of $5.5bn in the period.
DP World gets rating upgrade
The boost is seen as key for its long-term growth plans.
Innovation, technology implementation help GCC banks compete with European, US counterparts
The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly approximate' pre-pandemic profitability ranks by the end of 2022.
UAE’s top banks post 10% profit jump in H1 of 2022
Signalling a broader economy recovery in the country, four largest banks of the UAE have posted a big surge in net profit to $4.4 billion in the first half of 2022, a 10 percent jump from the 2021 profit of $3.9 billion. According to Moody's, the profits resulted from higher...
Saudi Arabia mulls welfare funds to ease inflation
The Kingdom has allocated $5.3bn to deal with the fallout of rising global prices, with half of the fund going to social insurance beneficiaries and the Citizens' Account program.
Moody’s says Saudi economy to post 3.9% growth rate
Moody’s has projected the economy of Saudi Arabia to post growth rate of around 3.9 percent from 2022 to 2026.
Saudi Re bags A3 rating
The firm got top rating with a stable outlook from Moody's.
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
Digital banks set to flourish in Saudi Arabia, UAE
Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the Russian-Ukrainian war will have a minimal impact on the operating environment for banks in Saudi Arabia and UAE, they say.
Global projects to fuel Aramco 2022 growth
The Saudi Arabian Oil Company has outlined a clear strategy to continue to invest in both upstream and downstream segments, says Rehan Akbar, Senior Vice-President at Moody’s.
Moody’s depicts a bleak outlook for sukuks in 2022
Moody’s has depicted a bleak outlook for sukuks in the current year because of a spike in oil prices and lower financing needs in the GCC.
Moody’s says Ukraine war endangers global economic recovery
The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the length and severity of the crisis, Moody's Investors Service said in a report.Moody’s calls transfer of Aramco shares to PIF as credit positive
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.
On credit rating meter, GCC economies score big
The GCC countries are among the most notable ones that credit rating agencies frequently recognize since they are the center of investors' attention.Moody’s forecasts stable outlook for GCC banks
Moody’s has forecast a stable outlook for GCC banks during the next 12 to 18 months, primarily due to economic recovery in the region and higher oil prices.
Moody’s revises Saudi Arabia’s outlook to stable
The agency predicted the Saudi economy will return to positive growth in 2021, and the current account level will return to surplus as the fiscal deficit shrinks in 2021, accompanied by a reduction in the level of debt in the medium term.
Moody’s changes Oman economy outlook to Stable
Moody’s expects Oman’s current account deficit to decline below 4 percent of the GDP in 2021-23 from more than 13 percent in 2020.
Saudi telecom firm stc gets higher rating from Moody’s for ‘strong financial metrics’
Moody’s, the bond credit rating firm, has upgraded the Baseline Credit Assessment (BCA) of Saudi Arabia’s stc, saying it has maintained “very strong financial metrics.
Moody’s and Fitch assign investment-grade credit ratings of Aa2 and AA to ADQ
ADQ, one of the largest holding companies in the region, have been assigned these long-term issuer credit ratings that both mean “stable,” said the reports The credit ratings are reportedly on par with the Abu Dhabi government’s credit ratings, said the reports Global credit ratings agencies Moody’s and Fitch...