Saudi-based multilateral lending institution, The Arab Petroleum Investments Corporation (APICORP), has received an 'AA-' credit rating from S&P Global, reflecting the robust financial performance and risk profile.

With this latest S&P credit rating, APICORP becomes one of the highest rated Arab financial institutions, holding ratings of 'AA-' from S&P, ‘AA’ from Fitch, and ‘Aa2’ from Moody’s, the energy-focused development bank said in a statement.

Dr. Ahmed Ali Attiga, CEO of APICORP, said: “This rating confirms our strong credit profile – and will further enable us to continue delivering on our wider development mandate for the energy sector and hydrocarbon industries.” 

“The rating enables APICORP to benefit from enhanced market access and mobilize financial resources at competitive rates, thereby enhancing lending capabilities for our Member Countries to accelerate their transition to a cleaner and more sustainable energy future,” he added.

S&P noted APICORP's extremely strong financial profile with a stand-alone credit profile (SACP) assessment of 'AA-' based on a risk-adjusted capital ratio of 22.8 percent and strong funding and liquidity profile.

According to the statement, S&P Global also noted APICORP’s close relationship with its member countries and long track record of profitable years and a high return on equity, averaging 5.4 percent over the past five years, which is stronger than most rated multilateral lending institutions.

 (Writing by Seban Scaria ; editing by Daniel Luiz)

seban.scaria@lseg.com