Moody's Investors Service (Moody’s) has established an office in Riyad.
The move expands the company’s global outreach and deepens its role in the Saudi Arabia's debt capital markets, and Mahmoud Totonji has been appointed as General Manager and Head of Relationship Management for the Kingdom.
“Given the Kingdom's increasing prominence in the debt capital markets and its plans for further expansion under Saudi Vision 2030, we look forward to continuing to provide insightful, transparent and predictive credit ratings,” said Totonji.
Totonji’s knowledge of business in Saudi Arabia and his experience working with diverse issuers, will be responsible for developing new business relationships and extending existing customer relationships in Saudi Arabia and other Middle Eastern countries.
He comes to his new role with more than 15 years’ experience providing strategic financial and operational leadership in the investment and banking industries. He has established and restructured a plethora of banking and financial entities in the GCC region, including Barclays Saudi Arabia, Deutsche Al-Azizia Investment Company, Middle East Financial Investment Company (MEFIC) and a Private Wealth Management Office.
Saudi Arabia is also a key market for Islamic Finance, an area in which Moody's is recognised as a global thought leader through ratings, research and speaking engagements at leading conferences and events globally. The Kingdom completed the world's largest ever inaugural Sukuk issuance at $9 billion in April 2017, a transaction rated A1 by Moody's.
Moody’s first rated the Government of Saudi Arabia in January 1996 and rates $50 billion of Saudi government debt securities.