Aug 08, 2023
Saudi Arabian Mining Company (“Ma’aden”, 1211 on the Saudi Exchange), announces inaugural credit ratings and outlook assignments from Moody’s Investors Service (“Moody’s”) and Fitch Ratings (“Fitch”).
Moody’s assigned Ma’aden a Long-Term Issuer Rating of Baa1 with a ‘Stable’ outlook and Fitch assigned a Long-Term Issuer Default Rating of BBB+ with a ‘Stable’ outlook.
The investment grade ratings reflect Ma’aden’s diversified multi-commodity business model with global leadership in phosphate production, the Middle East’s largest integrated aluminium value chain, and a scalable Base Metals and New Minerals business.
The ratings affirm Ma’aden’s sustainable, leading low-cost base and robust financial profile, as local and international investment opportunities are assessed. The actions also follow recent credit rating upgrades for Saudi Arabia, in line with the positive momentum generated by significant reforms driving the Kingdom’s Vision 2030.
Robert Wilt, CEO of Ma’aden said: “These investment grade ratings come as we undertake a major transformation program to strengthen the business and meet our long-term growth targets. This further underlines Ma’aden’s strong financial position, boosting investor confidence and cementing our access to global capital markets. More importantly, the ratings underscore our unwavering commitment to deliver on the Kingdom’s Vision 2030 to establish mining as the third pillar of the economy.”
HSBC acted as sole Ratings Advisor to Ma’aden.