RIYADH: Global rating agency Moody’s has assigned the Public Investment Fund-owned GACI First Investment Co.’s EMTN program a (P) A1 rating. The euro medium-term note program has been established under the special purpose company incorporated in the Cayman Islands. The firm has been assigned a stable outlook in line with the stable outlook on existing ratings of PIF. The rating decision reflects Moody’s view that note holders will effectively be exposed to PIF’s senior unsecured credit risk. In February, Moody’s Investors Service assigned an A1 long-term issuer rating to the PIF. As one of the world’s largest sovereign wealth funds, PIF is one of the main vehicles to grow the Kingdom’s non-oil economy and reduce its reliance on the hydrocarbon sector.