Riyadh – Moody's Investors Service (Moody's) has assigned the '(P)A2' provisional senior unsecured foreign-currency rating to the $4 billion guaranteed medium-term note (EMTN) programme of BSF Finance, a special-purpose vehicle launched by Banque Saudi Fransi.

The rating reflects that the programme's instruments will be direct, unconditional, subordinated, and unsecured obligations of BSF and rank equally with all the bank's other unsecured and unsubordinated from time to time outstanding obligations, according to a recent press release.

Under the programme, the bank could issue notes up to a maximum aggregate principal amount of $4 billion.

It is noteworthy to mention that Moody's assigned the bank's national scale ratings (NSRs) for the long-and short-term deposit ratings at 'Aa2.sa/SA-1' and the long and short-term counterparty risk ratings (CRRs) at 'Aa1.sa/SA-1'.

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