Moody's assigns (P) A1 rating to Samba-backed EMTN program
Moody's Investors Service (Moody's) on Monday assigned provisional senior unsecured foreign-currency ratings of (P)A1/ (P) P-1 to the $5 billion Euro Medium-Term Note (EMTN) program of Samba Funding Limited, a special-purpose vehicle established by Samba Financial Group.
Securities issued under the program will constitute direct, unconditional, unsubordinated and unsecured obligations of Samba, Moody’s said in a statement.
The (P) A1/ (P)P-1 foreign currency ratings assigned to the backed senior unsecured class of notes of the new EMTN program are aligned with Samba's A1/P-1 deposit ratings, the statement added.
“Samba's A1/P-1 deposit ratings capture the bank's baseline credit assessment (BCA) of a2 and a one notch uplift based on our view of a very high likelihood of government support from Saudi Arabia (rated A1 stable), in case of need,” Moody’s said.