Moody's Investors Service issued an Aaa.sa long-term issuer national scale rating to Saudi Aramco and assigned an NSR to four banks in Saudi Arabia, reflecting their creditworthiness within the kingdom.
Saudi Aramco benefits from an “exceptional operational scale, significant downstream integration and strong financial flexibility given its low cost structure and low leverage relative to cash flows”, Moody’s said in a statement late on Wednesday. “This provides resilience through oil price cycles.”
Aramco's A1 long-term issuer global scale rating (GSR) remains unchanged. The newly assigned NSR to the world’s biggest oil producing company reflects its “position as the strongest rated corporate in Saudi Arabia and one whose credit profile is very closely interlinked with the credit quality of the government”, according to Moody’s.
NSRs provide relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs, though, are not globally comparable with the full universe of rated entities, according to Moody’s.
The lenders assigned NSRs include Saudi British Bank (Sabb), Bank Al-Jazira, Riyad Bank and Samba Financial Group.
The rating action on long- and short-term deposit ratings as well as counterparty risk ratings (CRRs) of the four Saudi Arabian lenders follow a new NSR map by Moody's for the government of Saudi Arabia.
The ratings agency assigned Aa1.sa/SA-1 national scale deposit ratings and Aa1.sa/SA-1 national scale CRRs to Sabb. The Aa1.sa is the second highest NSR that can be achieved by any entity in Saudi Arabia and the highest currently assigned to a lender in the kingdom, Moody’s said.
The bank’s deposit rating reflects its “funding and sound liquidity, solid profitability and efficiency as well as strong capitalisation”, Moody’s said. “These strengths are moderated [however,] by pressures on the bank's solvency in the next two years on the back of lower oil prices, reduced government spending and the coronavirus-induced disruption.”
Moody’s assigned A3.sa/SA-2 national scale deposit ratings and A2.sa/SA-1 national scale CRRs to Bank Al-Jazira. Its deposit rating reflects the bank's small but growing Islamic banking franchise, improved capitalisation and sound liquidity and funding.
The ratings agency assigned Aa2.sa/SA-1 national scale deposit ratings and Aa1.sa/SA-1 national scale CRRs to Riyad Bank, underpinning its strong capital base, stable deposit-based funding and resilient profitability, it said.
Samba received Aa1.sa/SA-1 national scale deposit ratings and Aa1.sa/SA-1 national scale CRRs. Its deposit ratings capture solid funding and liquidity and its strong solvency, with high capital buffers.
Separately, Saudi Re for Cooperative Reinsurance, or Saudi Re, as the company is known, received an A1.sa national scale insurance financial strength rating from Moody’s on Wednesday. The new rating underpins the company's strong brand and market position within the kingdom and its growing presence in its target markets such as Asia and Africa
Its strong asset quality, capital adequacy, strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia also support the rating action, Moody’s said.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULT
Bayer Leverkusen 2 Bayern Munich 4
Leverkusen: Alario (9'), Wirtz (89')
Bayern: Coman (27'), Goretzka (42'), Gnabry (45'), Lewandowski (66')
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
bundesliga results
Mainz 0 Augsburg 1 (Niederlechner 1')
Schalke 1 (Caligiuri pen 51') Bayer Leverkusen 1 (Miranda og 81')
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
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Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
