Theeb Rent a Car Receives ‘A-’ Credit Rating from Tassnief with a Stable Outlook

Theeb Rent a Car Company announced that it has received a credit rating from SIMAH Credit Rating Agency (Tassnief), licensed by the Capital Market Authority (CMA). The Company was assigned a long-term credit rating of ‘A-’ and a short-term credit rating of ‘T-3’, with a stable outlook. This achievement reflects the strength of the Company's financial and operational position and further reinforces its standing in the car rental sector in the Kingdom of Saudi Arabia.

The credit rating reflects the Company's high creditworthiness and its ability to meet its financial obligations, supported by its strong financial and operational position and efficient business model. It also enhances investor and partner confidence in the sustainability of the Company's operations and its future growth prospects.

In its assessment, Tassnief considered several key factors, including the Company's extensive operating track record, leading position in the car rental sector, future outlook, diversified revenue streams, extensive branch network and geographical presence, as well as the size and diversity of its fleet and its strong customer base. The assessment also took into account the effectiveness of the Company's corporate governance framework, management expertise, consistent revenue growth, and projected future operating cash flows.

Commenting on this achievement, Mr. Naif bin Mohammed Al-Theeb, Chief Executive Officer of Theeb Rent a Car Company, stated:

"We are proud that Theeb has received this credit rating, which represents a significant milestone in our journey. It reflects the Company's solid financial and operational foundations and underscores the success of our strategy, which focuses on sustainable growth, operational efficiency, financial discipline, and strengthening corporate governance practices. It also serves as a testament to the confidence placed in us by our investors and partners."

He added: "Receiving this credit rating contributes to strengthening our competitiveness and reinforcing our position in the Kingdom's car rental market. We will continue to focus on creating sustainable value for our shareholders and customers while capitalizing on the promising opportunities within the sector, in alignment with the objectives of Saudi Vision 2030."