The Saudi Arabian Mining Company ("Ma'aden", 1211 on the Saudi Exchange) announces the first credit ratings and outlook assignments from Moody's Investors Service ("Moody's") and Fitch Ratings ("Fitch").
Long-Term Issuer Default Ratings of BBB+ and 'Stable' outlooks were given to Ma'aden by Fitch and Moody's, respectively.
The investment-grade ratings are a reflection of Ma'aden's multi-commodity business model, which includes a scalable base metals and new minerals company, the most integrated aluminum value chain in the Middle East, and global leadership in phosphate production.
The ratings confirm Ma'aden's consistent, industry-leading low-cost base and sound financial character as they assess local and international investment opportunities. The moves come after recent upgrades to Saudi Arabia's credit rating and are consistent with the good momentum created by fundamental changes that are the foundation of the Kingdom's Vision 2030.
"These investment-grade ratings come as we undertake a major transformation program to strengthen the business and meet our long-term growth targets," stated Robert Wilt, CEO of Ma'aden. This reinforces Ma'aden's solid financial standing and increases investor trust while solidifying our access to international capital markets. The ratings also highlight our unshakable commitment to implementing the Kingdom's Vision 2030, which calls for making mining the third pillar of the economy.
Ma'aden's lone rating advisor was HSBC.
