Dammam, Saudi Arabia, Oct. 13 -- The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, today announced that its credit rating has been upgraded by Moody's Investors Service from 'Aa3' to 'Aa2' with 'stable,' outlook driven by the Corporation's progress in sustaining and further improving its financial performance and resilience. APICORP's short-term issuer rating was also affirmed at Prime-1.

"The key drivers for the upgrade include the steady improvement that APICORP has made in its liquidity and funding profile by diversifying its funding sources. This has allowed APICORP to significantly reduce its reliance on short-term wholesale deposits and eliminate short-term asset-liability misma...