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As many as 38 TASI-listed companies and nine Nomu-listed firms held credit ratings from specialized agencies in Q1 2026, according to data compiled by Argaam.
Credit ratings are a key indicator of an issuer’s ability to meet its financial obligations on time. They are widely used to assess the creditworthiness of corporates, sovereigns, and issuers of financial instruments.
These ratings are assigned by global agencies such as Standard & Poor’s (S&P), Fitch, and Moody’s, alongside local agencies, most notably Financial Analytics (RATING) and Tassnief.
Rating agencies typically evaluate risks associated with corporate debt issuances, with the issuer’s capacity to service interest and principal payments forming the primary benchmark underpinning final credit ratings.
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TASI-Listed Companies with Credit Ratings |
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Company |
Rating Agency |
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|
RATING |
Moody’s |
Fitch |
S&P |
Tassnief |
|
|
Aramco |
-- |
Aa3/A1 |
A+ |
-- |
-- |
|
Maaden |
-- |
Baa1 |
BBB+ |
-- |
-- |
|
SABIC |
-- |
Aa3 |
A+ |
A+ |
-- |
|
Alkhaleej Training |
A- |
-- |
-- |
-- |
BBB+ |
|
Almarai |
-- |
Baa3 |
-- |
BBB- |
-- |
|
Riyad Bank |
-- |
A1/Baa1 |
A- |
A |
-- |
|
Bank AlJazira |
-- |
A3/Baa3 |
A- |
-- |
-- |
|
SAIB |
-- |
A2/Baa2 |
A- |
BBB+ |
-- |
|
BSF |
-- |
A1/Baa1 |
A- |
A- |
-- |
|
SAB |
-- |
A1/a3 |
A- |
-- |
-- |
|
ANB |
-- |
A1/Baa1 |
A- |
A- |
-- |
|
Al Rajhi Bank |
-- |
Aa3/a3 |
A- |
A |
-- |
|
Bank Albilad |
-- |
A2/Baa2 |
A- |
-- |
-- |
|
Alinma Bank |
-- |
A2/Baa2 |
A- |
A- |
-- |
|
SNB |
-- |
Aa3/a3 |
A |
A |
-- |
|
Tawuniya |
-- |
-- |
A |
A |
-- |
|
Malath Insurance |
-- |
-- |
-- |
-- |
A- |
|
Arabian Shield |
-- |
-- |
A- |
-- |
-- |
|
MEDGULF |
-- |
Ba2 |
BBB |
-- |
-- |
|
SAICO |
-- |
-- |
-- |
-- |
A- |
|
Al Etihad Insurance |
-- |
A3 |
-- |
-- |
-- |
|
Saudi Re |
-- |
A2 |
-- |
A- |
-- |
|
Al Rajhi Takaful |
-- |
A3 |
-- |
-- |
-- |
|
CHUBB Arabia |
-- |
A3 |
-- |
-- |
-- |
|
LIVA |
-- |
Baa2 |
-- |
-- |
-- |
|
Wataniya Insurance |
-- |
-- |
A- |
BBB+ |
-- |
|
Walaa Insurance |
-- |
A3 |
A- |
A- |
-- |
|
Mutakamela |
-- |
A3 |
-- |
-- |
-- |
|
2P |
-- |
-- |
-- |
-- |
BBB+ |
|
stc |
-- |
Aa3 |
A+ |
A |
AAA |
|
Alkhorayef |
-- |
-- |
-- |
-- |
A- |
|
Acwa |
-- |
-- |
BBB- |
-- |
-- |
|
SEC |
-- |
Aa3 |
A+ |
A+ |
-- |
|
CATRION |
-- |
-- |
-- |
-- |
A- |
|
Cenomi Centers |
-- |
-- |
BB |
B+ |
A- |
|
Sumou |
-- |
-- |
-- |
-- |
BBB+ |
|
Dar Al Arkan |
-- |
B1 |
-- |
-- |
A- |
|
SAL |
-- |
-- |
-- |
-- |
A |
|
Nomu-Listed Companies with Local Credit Ratings |
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|
Company |
Rating Agency |
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|
RATING |
Moody’s |
Fitch |
S&P |
Tassnief |
|
|
Aqaseem |
BBB- |
-- |
-- |
-- |
-- |
|
NBM |
BBB+ |
-- |
-- |
-- |
-- |
|
Rawasi |
BBB |
-- |
-- |
-- |
-- |
|
Mayar |
BBB |
-- |
-- |
-- |
-- |
|
Multi Business |
-- |
-- |
-- |
-- |
BB+ |
|
Quara Finance |
-- |
-- |
-- |
-- |
BBB- |
|
Ladun |
-- |
-- |
-- |
-- |
BBB+ |
|
ASG |
-- |
-- |
-- |
-- |
BBB- |
|
WSM |
BBB- |
-- |
-- |
-- |
-- |
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Credit Rating Scales by Agency |
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|
Agency |
Rating |
Details |
|
|
Moody’s |
Investment Grade |
Aaa |
Highest rating, minimal investment risk |
|
Aa1, Aa2, Aa3 |
High quality |
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|
A1, A2, A3 |
Upper-medium grade |
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Baa1, Baa2, Baa3 |
Medium grade |
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Speculative Grade |
Ba1, Ba2, Ba3 |
Speculative elements |
|
|
B1, B2, B3 |
High credit risk |
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|
Caa1, Caa2, Caa3 |
Poor standing |
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Ca |
Highly speculative or near default |
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C |
Lowest rating, typically in default with limited recovery prospects |
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S&P |
Investment Grade |
AAA |
Extremely strong capacity to meet financial commitments |
|
AA |
Very strong capacity |
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A |
Strong capacity but somewhat susceptible to economic conditions |
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BBB |
Adequate capacity but more vulnerable to adverse conditions |
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Speculative Grade |
BB |
Less vulnerable in the short term but faces ongoing uncertainty |
|
|
B |
More vulnerable but currently meets obligations |
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CCC |
Currently vulnerable, dependent on favorable conditions |
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CC |
Highly vulnerable, default not yet occurred but likely |
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|
C |
Highly vulnerable to nonpayment |
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|
D |
Default or breach of financial obligation |
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|
Fitch |
AAA |
Lowest expected level of default risk, allocated only in cases of exceptional ability to meet financial obligations, and this ability is unlikely to be negatively affected by anticipated events |
|
|
AA |
Low projections for default risk, indicating a very strong ability to meet financial obligations. This ability is not highly susceptible to anticipated events |
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|
A |
With low default risk expectations and a strong ability to meet financial obligations, this ability may be more vulnerable to adverse business or economic conditions compared to higher ratings |
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|
BBB |
Risk of default is currently low, and the ability to meet financial obligations is considered adequate, but adverse business or economic conditions are likely to weaken this ability |
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|
BB |
High exposure to default risk, especially if adverse changes occur in business or economic conditions over time; however, there is business or financial flexibility to support the servicing of financial obligations |
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|
B |
Significant risk of default, but the margin of safety remains limited. Financial obligations are currently being met, but the ability to continue repaying is vulnerable to deterioration in the business and economic environment |
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|
CCC |
Low margin of safety; default is a possibility |
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|
CC |
Some kind of default seems likely |
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|
C |
Default or similar process has begun, or in the case of a closed financing instrument, the ability to pay has been irreversibly weakened |
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RD |
An issuer that, in Fitch's view, has experienced a payment default or non-performing debt on a bond, loan, or other material financial obligation, but has not entered into bankruptcy, administration, takeover, liquidation, or any other formal liquidation proceedings, and has not ceased operations in any other way |
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D |
An issuer that, in Fitch's view, has entered into bankruptcy, administration, takeover, liquidation, or other formal wind-up proceedings, or has otherwise ceased operations, and the debt remains outstanding |
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Tassnief |
High Grade |
AAA, AA+, AAA, AA- |
Negligible risk |
|
Investment Grade |
A+, A, A- |
Very low risk |
|
|
BBB+, BBB, BBB- |
Low risk |
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|
Near Prime |
BB+, BB, BB- |
Low to moderate risk |
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|
Non-Investment Grade |
B+, B, B- |
High risk |
|
|
Credit Watch |
CCC+, CCC, CCC- |
Very high risk |
|
|
Distressed |
CC, C |
Extremely high risk |
|
|
D |
In default |
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RATING |
High Grade |
AAA, AA+ |
Highest creditworthiness, minimal risk |
|
AA, AA- |
Very high creditworthiness, very low risk |
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|
A+, A, A- |
High creditworthiness, low risk |
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Investment Grade |
BBB+, BBB, BBB- |
Adequate creditworthiness, moderate risk |
|
|
Near Prime |
BB+, BB, BB- |
Lower creditworthiness, higher risk |
|
|
Non-Investment Grade |
B+, B, B- |
Very low creditworthiness, very high risk |
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|
Credit Watch |
CCC+, CCC, CCC- |
Extremely low creditworthiness, significantly high risk |
|
|
Distressed |
CC, C |
Highly speculative, default imminent |
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|
D |
Default |
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