Saudi Arabia Capital Markets Authority approves priority review incentive for credit-rated public debt offerings through end-2026

Saudi Arabia’s Capital Markets Authority (CMA) approved an incentive measure for public offerings of debt instruments that grants priority in the review of offering applications to issuers or issuances that have obtained a credit rating from a CMA-licensed credit rating agency. The measure remains in effect until the end of 2026. The CMA framed the initiative as part of its efforts to deepen and enhance the transparency of the debt instruments market, including by encouraging issuers to obtain credit ratings to broaden investor participation and support faster review procedures. It noted that credit ratings can help investors assess risks and can support financial advisers in marketing offerings, particularly to institutional and qualified investors, and defined a credit rating as a forward-looking opinion on credit risk covering the likelihood of default and the potential severity of losses in a default scenario.