Moody's Investors Service has assigned a top rating, (P)A1, to the Public Investment Fund-backed euro medium-term note (EMTN) programme.

The programme is set up under GACI First Investment Company, a special purpose company incorporated in the Cayman Islands and is guaranteed by the Saudi sovereign wealth fund.

The company has been assigned a stable outlook in line with the stable outlook on existing ratings of PIF, the global ratings agency said on Tuesday.

The rating decision reflects Moody’s view that note holders will effectively be exposed to PIF’s senior unsecured credit risk.

In February, Moody’s assigned an A1 long-term issuer rating to the PIF. The state fund, which is building an international portfolio of investments while also investing locally in projects that will help reduce Saudi Arabia's reliance on oil, has about $620 billion assets under management.

(Writing by Brinda Darasha; editing by Seban Scaria)