Saudi Real Estate Refinance Co. Gets A Rating Before Planned Issuance of International Bonds
Posted on 04/19/2021
Fitch Ratings awarded Saudi Real Estate Refinance Company an “A” credit rating before a planned issuance of international bonds. Saudi Real Estate Refinance seeks to issue up to US$ 1 billion in sukuk before the end of the year. Formed in 2017, Saudi Real Estate Refinance Company provides real estate financing services and is owned by Saudi Arabia’s Public Investment Fund (PIF).
Saudi Real Estate Refinance Company, which is modelled after Fannie Mae, has a portfolio of loans of 6.5 billion riyals at the end of 2020.
In March 2021, Saudi Real Estate Refinance Company sold 4 billion riyals in a two-tranche private placement of sukuk, guaranteed by the Saudi finance ministry.
