#Fitch Ratings

Abu Dhabi

Abu Dhabi returns to debt markets with $5bn bond sale

The emirate is rated “Aa2” by Moody’s and “AA” by both S&P and Fitch Ratings

islamic finance_ sukuks Getty images

Global outstanding sukuk market hits $823bn in Q3 2023

The growth in outstanding sukuk is attributed to several factors that are driving the issuance of Islamic bonds including issuers that seek to plug budget deficits

Fitch Ratings cuts Egypt’s credit score one step to B-

Fitch downgrades Egypt one notch deeper into junk territory

The country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation

Fitch says sukuk pricing remains similar to bonds in H1 2023

Sukuk pricing remains similar to bonds in H1 2023

Sukuk and bonds had a high pricing correlation of 0.95 (out of 1) on average and low average spreads between 2018 and H1 2023

US credit rating downgraded

US credit rating downgraded from AAA by Fitch

The US is now rated AA+ by Fitch, one step below AAA, and the assessor has a stable outlook on the country

Saudi Arabia tranfer Aramco stake

Saudi Arabia transfers 4% Aramco stake to PIF

The state remains the largest shareholder in Aramco after the transfer, as it retains more than 90 per cent of the company’s shares

Fitch upgrades Saudi Arabia.

Fitch Ratings raises Saudi Arabia’s outlook on strong fiscal buffers

The kingdom has one of the highest reserve coverage ratios among Fitch-rated sovereigns at 18 months of current external payments


Oman gets first upgrade from Fitch on oil-led fiscal turnaround

Fitch raised Oman’s long-term foreign-currency rating by one notch to BB

Apicorp Khalid Ali Al-Ruwaigh

APICORP leverages preferred creditor status to launch A/B loan programme

The A/B loan structure will help support APICORP’s less developed member countries and encourage private sector participation

UAE gets first rating from Fitch ahead of federal bond sale

The company ranked the sovereign AA- with a stable outlook

Fitch follows Moody’s by downgrading Oman deeper into junk again

Fitch’s latest downgrade brings its ranking of Oman to the same level as that of Moody’s Investors Service and S&P Global Ratings.