Saudi Arabia's Capital Markets Authority grants priority review for public debt offerings with CMA-licensed credit ratings through end-2026

Saudi Arabia's Capital Market Authority (CMA) approved an incentive measure for public offerings of debt instruments that gives priority in the review of public offering applications where the issuer or issuance has obtained a credit rating from a CMA-licensed credit rating agency. The measure will apply until the end of 2026. The CMA linked the initiative to efforts to improve the efficiency and transparency of the debt instruments market by encouraging issuers to obtain credit ratings, widening investor participation, and accelerating CMA review procedures. It also highlighted the role of credit ratings in supporting investor risk assessment and in helping financial advisers market offerings, particularly to institutional and qualified investors; the CMA defined a credit rating as a forward-looking opinion on credit risk, including the likelihood of default and potential severity of losses for creditors.