Riyadh – Mubasher: Moody's Investors Service assigned a (P)A1 rating to the senior unsecured Euro medium-term note (EMTN) programme of GACI First Investment Company, owned by Saudi Arabia's Public Investment Fund (PIF) and founded in the Cayman Islands.
In line with the stable outlook on existing ratings of PIF, Moody’s also assigned a stable outlook for GACI First Investment, according to a recent rating report.
The EMTN programme’s rating reflects Moody's view that noteholders “will effectively be exposed to PIF's senior unsecured credit risk as the notes will be unconditionally and irrevocably guaranteed by PIF and will rank pari passu with other senior unsecured obligations of the fund.”
