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S&P launches ratings for Saudi local currency debt

S&P launches ratings for Saudi local currency debt
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Riyadh – Mubasher: S&P Global Ratings said it is providing GCC National Scale Ratings for entities in Saudi Arabia issuing local currency debt, Reuters reported on Wednesday.

Over the past few years, Saudi Arabia, the GCC region’s largest economy, has seen a sharp increase in liquidity in its local currency bond market, backed by government debt sales to cover its fiscal deficit.

So-called GCC NSR are designed to be used by parties in the region for capital markets debt, bank loans, and Sharia-compliant obligations issued in GCC currencies by entities within and outside the region, S&P said.