Riyadh – Mubasher: Filling and Packing Material Manufacturing Company (FIPCO) on Sunday announced that SIMAH's Credit Rating Agency (Tassnief) has affirmed its investment grade rating at “BBB+”, with a stable outlook.

The rating was based on some positive fundamentals including FIBCO’s well-established historic operating model and diversification of income through investment in other industrial sectors related to the company's main areas of activity, according to the FIPCO’s statement to the Saudi Stock Exchange (Tadawul).

The rating also reflects the company’s efficiency, quality, its current position of capital structure and liquidity, risk management and balanced strategy, the statement added.

This excellent rating reflects the strong financial position, assuring FIPCO's ability to obtain the required finance for any current or future strategic investments in a way that maximizes the market value of its shareholders,”  the company's chairman Faisal Bin Mohammed Al Harbi said.

By 10:08 am KSA time, FIPCO’s stock rose 2.17% at SAR 35.25.