Bidaya Home Finance Receives National Scale Credit Rating of (saA-) from Capital Intelligence Ratings
Posted on 26-11-2020
Riyadh, November,2020: Bidaya Home Finance (“Bidaya”) announced that it has received a national scale rating from Capital Intelligence Ratings (“Capital Intelligence” or “CI”). On November 21st 2020, Capital Intelligence assigned first-time ratings to Bidaya Home Finance Sukuk Programme, with a national scale issuer rating at (saA-). CI described Bidaya’s rating outlook as stable. This inaugural credit rating is supported by Bidaya’s strong leadership position in the mortgage finance sector in the Kingdom of Saudi Arabia as well as the Company’s solid financial profile.
Mazin Al Ghunaim, Bidaya’s CEO, commented: “We are very pleased to announce the initiation of ratings from Capital Intelligence as we continue to position Bidaya Home Finance for sustained growth and success. Securing (saA-) rating provides several benefits for Bidaya, including enhanced access to the capital markets. In addition, meeting the investment grade criteria of certain credit and larger depository clients provides our investors with increased opportunities."
The Capital Intelligence rating will increase transparency and comparability for debt investors and other capital market participants. Bidaya has been managing its capital structure with the overall aim of maintaining an investment grade credit profile, which Capital Intelligence has now formally confirmed.