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Moody’s gives A1 to GreenSaif bonds
Moody’s Investors Service said it gave A1 ratings to GreenSaif Pipelines Bidco Sarl’s planned senior secured amortizing bonds and TMS Issuer Sarl’s proposed senior secured sukuk certificates.
In February 2022, GreenSaif bought a 49% interest in Aramco Gas Pipelines Co. (AssetCo). The expected proceeds of the bonds and the certificates, amounting to around $11 billion, will be used, in combination with other sources, to refinance bank debt and pay associated fees and expenses, as well as for general corporate purposes.
The A1 rating reflects the regular payments from Saudi Aramco to AssetCo., along with a protections for bondholders, the agency said.
The outlook for both issuers is stable.
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