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Insight into TASI-listed companies with credit ratings
AI Summary
Content Summary: 
Credit ratings are key indicators of a company’s ability to meet its financial obligations on time. They are widely used to assess the creditworthiness of companies, governments, and issuers of financial instruments.
These ratings are issued by global agencies such as S&P Global Ratings, Fitch Ratings, and Moody’s, as well as local agencies, most notably RATING Financial Analytics and SIMAH Rating Agency.
Rating agencies primarily evaluate the risks associated with a company’s debt issuances. A company’s ability to pay interest and principal on time is the most critical factor in determining its creditworthiness, which forms the basis for the final rating.
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Tadawul-Listed Companies with Credit Ratings |
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Company |
Credit Rating Agencies |
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|
Financial Analysis |
Moody’s |
Fitch |
S&P |
Tassnief |
|
|
Saudi Aramco |
-- |
Aa3/A1 |
A+/F1+ AAA (sau) |
-- |
-- |
|
ADES |
-- |
-- |
B+ |
B+ |
-- |
|
MEPCO |
-- |
-- |
-- |
-- |
A- |
|
Maaden |
-- |
Baa1 |
BBB+ |
-- |
-- |
|
SABIC |
-- |
Aaa3/A2 |
A+/F1+ |
A+ KsaAAA |
-- |
|
Al Kathiri |
-- |
-- |
-- |
-- |
BBB- |
|
Alkhaleej Training |
A- |
-- |
-- |
-- |
BBB+ |
|
Almarai |
-- |
Baa3 |
|
BBB- |
-- |
|
Riyad Bank |
-- |
A1 |
A- |
A |
-- |
|
Bank AlJazira |
-- |
A3 |
A- |
-- |
-- |
|
SAIB |
-- |
A2 |
A- |
BBB+ |
-- |
|
BSF |
-- |
A1 |
A- |
A- |
-- |
|
SAB |
-- |
A1 |
bbb+ |
-- |
-- |
|
ANB |
-- |
A1 |
BBB+ |
BBB+ |
-- |
|
Al Rajhi Bank |
-- |
Aa3 |
A- |
A |
-- |
|
Bank Albilad |
-- |
A2 |
A- |
-- |
-- |
|
Alinma Bank |
-- |
A2 |
A- |
A- |
-- |
|
SNB |
-- |
Aaa3 |
A- |
A- |
-- |
|
Tawuniya |
-- |
-- |
A AAA (sau)
|
-- |
-- |
|
Malath |
-- |
-- |
-- |
-- |
A- |
|
Arabian Shield |
-- |
-- |
A- AA |
-- |
-- |
|
SAICO |
-- |
-- |
-- |
-- |
A- |
|
Gulf Union Alahlia |
-- |
-- |
BBB+ AA-(sau) |
-- |
-- |
|
Arabia Insurance |
-- |
-- |
-- |
A+ |
-- |
|
Al-Etihad Insurance |
-- |
-- |
A3 AA- |
-- |
-- |
|
Al Sagr |
-- |
-- |
BBB A+ (Sau) |
BBB |
-- |
|
UCA |
-- |
-- |
-- |
A |
-- |
|
Saudi Re |
-- |
A3 |
A2 |
A- |
-- |
|
Al Rajhi Takaful |
-- |
A3 |
-- |
-- |
-- |
|
Chubb Arabia |
-- |
-- |
-- |
AA |
-- |
|
GIG |
-- |
-- |
-- |
-- |
A |
|
LIVA |
-- |
-- |
Baa2 |
-- |
-- |
|
Wataniya |
-- |
-- |
-- |
A- ksaAA+ |
-- |
|
2P |
-- |
-- |
-- |
-- |
BBB+ |
|
stc |
-- |
Aa3 |
A+ |
A+ |
AAA |
|
Alkhorayef |
-- |
-- |
-- |
-- |
A- |
|
ACWA Power |
-- |
-- |
BBB- |
-- |
-- |
|
Saudi Electricity |
-- |
Aa3 |
A+ |
A+ KSAAA |
-- |
|
Cenomi Centers |
-- |
-- |
BB |
BB- |
A- |
|
Sumou |
-- |
-- |
-- |
-- |
BBB+ |
|
Mobily |
|
|
|
|
- AA |
|
Zain KSA |
|
|
|
|
A |
|
|
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The following table presents the credit rating grades as defined by each agency.
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Credit Ratings by Agency |
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|
Agency |
Rating |
Description |
|
|
Moody’s |
Investment Grade |
Aaa |
Highest rating, representing the lowest level of investment risk |
|
Aa1, Aa2, Aa3 |
High grade |
||
|
A1, A2, A3 |
Upper-medium grade |
||
|
Baa1, Baa2, Baa3 |
Medium grade |
||
|
Speculative Grade |
Ba1, Ba2, Ba3 |
Speculative elements |
|
|
B1, B2, B3 |
Subject to high credit risk |
||
|
Caa1, Caa2, Caa3 |
Poor standing |
||
|
Ca |
Highly speculative or near default |
||
|
C |
Lowest rating; securities are typically in default, with little prospect for recovery of principal or interest |
||
|
S&P |
Investment Grade |
AAA |
Extremely strong capacity to meet financial commitments |
|
AA |
Very strong capacity to meet financial commitments |
||
|
A |
Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions |
||
|
BBB |
Adequate capacity to meet financial commitments but more vulnerable to adverse economic conditions |
||
|
Speculative Grade |
BB |
Less vulnerable in the near term but faces ongoing uncertainties due to adverse business, financial, or economic conditions |
|
|
B |
More vulnerable to adverse conditions but currently has the capacity to meet financial commitments |
||
|
CCC |
Currently vulnerable and dependent upon favorable business, financial, and economic conditions to meet commitments |
||
|
CC |
Highly vulnerable; default has not yet occurred but is virtually certain |
||
|
C |
Highly vulnerable to nonpayment; recovery is expected to be lower than for higher-rated obligations. |
||
|
D |
In default or in breach of an implied promise; also used when a bankruptcy petition has been filed |
||
|
Fitch |
AAA |
Lowest expected default risk; assigned only in cases of exceptionally strong capacity to meet financial commitments, unlikely to be adversely affected by foreseeable events |
|
|
AA |
Very low expected default risk; denotes very strong capacity to meet financial commitments, with limited vulnerability to foreseeable events. |
||
|
A |
Expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |
||
|
BBB |
Expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. |
||
|
BB |
|
||
|
B |
|
||
|
CCC |
Low margin for safety. Default is a real possibility. |
||
|
CC |
Default of some kind appears probable. |
||
|
C |
|
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|
RD |
|
||
|
D |
|
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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 |
||
|
Near-Excellent |
BB+, BB, BB- |
Low to moderate risk |
|
|
Below Excellent |
B+, B, B- |
High risk |
|
|
Credit Watch |
CCC+, CCC, CCC- |
Very high risk |
|
|
Distressed |
CC, C |
Extremely high risk |
|
|
D |
In default |
||
|
Financial Analytics |
High Grade |
AAA, AA+ |
Highest creditworthiness, implying minimal credit risk |
|
AA, AA- |
Very high creditworthiness, implying very low credit risk |
||
|
A+, A, A- |
|
||
|
Investment Grade
|
BBB+, BBB, BBB- |
Adequate creditworthiness, implying moderate credit risk |
|
|
Near-Excellent |
BB+, BB, BB- |
Weakened creditworthiness, implying elevated credit risk |
|
|
Below Excellent |
B+, B, B- |
Very low creditworthiness, implying very high credit risk |
|
|
Credit Watch |
CCC+, CCC, CCC- |
Extremely low creditworthiness, implying significantly high credit risk |
|
|
Distressed |
CC, C |
Highly speculative credit profile, with default seen as imminent |
|
|
D |
Explicit default |
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