Saudi's SABIC gets $1bn credit from Alinma Bank

Saudi based Alinma Bank said that it would grant a $1bn credit facility to SABIC, plugging a financial gap at the petrochemical group. SABIC Chief Executive Mohamed al Mady declined to comment while Chief Financial Officer Mutlaq al Morished could not immediately be reached for comment. Alinma said Morished signed the agreement on behalf of SABIC. Ratings agency Moody's assigned the planned bond an A+ rating and said it understood it would be used to refinance or repay debt at SABIC Innovative Plastics Holding, the renamed GE Plastics.