Moody’s changes Senaat view to negative

Moody’s Investors Service said it changed General Holding Corp. PJSC’s (Senaat) outlook to negative from stable. Moody’s also affirmed Senaat’s A3 issuer rating, the (P)A3 rating of the senior unsecured $3 billion trust certificate issuance program of Senaat Sukuk Ltd. and the A3 rating of the senior unsecured debt issued under the program.

“The change of outlook to negative from stable reflects the weak operating performance of Senaat’s main subsidiaries during 2020 and the expectation that leverage will not recover to pre-Covid levels before 2022,” said Julien Haddad, a Moody’s vice president, senior analyst and local market analyst for Senaat, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.