Tassnief assigns ‘BBB-’ rating to Quara Finance

13/02/2024 Argaam
Logo ofQuara Finance Co.

Logo of Quara Finance Co.

Quara Finance Co. obtained a long-term entity rating of ‘BBB-’ and short-term entity rating of ‘T-4’ from Simah Rating (Tassnief), the company said in a statement to Tadawul.

 

Tassnief said that the ratings reflect adequate creditworthiness and low credit risk, noting potential high variance in the risk profile with economic and sector changes.

 

The company's healthy profit profile, strong capital indicators, and adequate liquidity are highlighted, but ratings are limited by weak market position, increasing sector competition, and less favorable asset quality indicators compared to peers.

 

Balance sheet risks are manageable, as a significant part of distressed loan exposure is secured by Kafalah program.

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