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4 NEWS 23.11.2023 Moody's gives Malta A2 rating, flags environmental issues MEDILINK International, a global leader in medical assistance services, is pleased to announce the successful ac- quisition of the remaining shares of Gulf Med Aviation Services, further cement- ing its position in the aviation medical support industry. is strategic move underscores Medilink's commitment to providing comprehensive medical assis- tance solutions on a global scale. Medilink International has been the majority shareholder of Gulf Med Aviation Services since the founding of the company in 2016. e acquisition of the remaining shares of Gulf Med Aviation Ser- vices marks a pivotal moment for Medilink International, strengthen- ing its ownership and control over the company. is strategic decision allows for greater integration of re- sources, expertise, and services, re- inforcing Medilink's ability to meet the evolving needs of the aviation and assistance sectors. Gulf Med Aviation Services is a re- spected name in the aviation sector, focusing on the provision of air am- bulance and helicopter emergency services (HEMS). With the comple- tion of this acquisition, Medilink In- ternational gains full access to Gulf Med's assets, capabilities, and expe- rienced team, allowing for a more seamless and cohesive approach to delivering medical support services to clients worldwide. e joint ser- vices will operate under the Medil- ink International brand. "is acquisition represents a sig- nificant step forward for Medilink International as we solidify our position in the aviation medical support sector. By acquiring the remaining shares of Gulf Med Avi- ation Services, we are enhancing our ability to provide unparalleled medical assistance to our clients," said Simon J Camilleri, Managing Director at Medilink International. "We are excited about the synergies this acquisition brings, and we look forward to continuing to exceed the expectations of our clients." Clients of Medilink International and Gulf Med Aviation Services can expect a continued commitment to excellence in service delivery, with an even more integrated and com- prehensive suite of solutions. e acquisition enables Medilink Inter- national to leverage the strengths of both companies, ensuring a unified and efficient solution to medical re- sponse. e completion of this acquisition reflects Medilink International's dedication to expanding its reach, capabilities, and service offerings, ultimately providing enhanced val- ue to clients in need of specialised medical assistance. Medilink international solidifies presence in aviation medical support with acquisition Medilink International is a leading global provider of medical assistance services, offering comprehensive healthcare solutions to corporations, and governments KARL AZZOPARDI CREDIT rating agency Moody's has affirmed Malta's A2 credit rating with a stable outlook. The credit rating agency highlight- ed Malta's "wealth and fast-growing economy", but warned an ageing population could pose challenges for the country. It also warned against the institu- tional challenges related to the con- trol of corruption, rule of law and su- pervision of money laundering risks. It did say that last year's exist from the Financial Action Task Force's (FATF) 'grey list' reflects the author- ities' commitment to reforms. In the credit opinion issued on Tuesday, Moody's noted Malta's small size and open economy make it vulnerable to external developments and the government debt is rising. Moody's placed Malta's econom- ic strengths at baa1. The country scored higher, hitting a3, in terms of institutional and governance strength, mainly attributed to its membership in the EU and Euro- zone, much like Poland. Regarding fiscal strength, it re- ceived an a1 from Moody's, plac- ing it on a similar level as Slovenia, while its susceptibility to event risk was rated at baa. Analysts noted that the banking sector's risk is elevat- ed due to its significant size in the economy, although this is somewhat mitigated by the separation between international and domestic bank ori- entations. The rating agency also said it is concerned about the climate change risks facing the islands, stating high- ly limited forest areas and a low share of protected natural areas also lead to a low rank for natural capital. "The country also faces more ele- vated waste & pollution risks in part due to rapid growth in the resident population over recent years," the re- port read. The country's economy should grow by 3.8% this year, 3.5% in 2024, and 3.7% in 2025, according to Moody's. The agency said it expects Malta's public deficit to reach 4.5% in 2024 and 4.1% in 2025 but warned debt in- terest payments will creep up in the coming years as higher interest rates filter through. By 2026, the agency expects Mal- ta to have around 58% of its GDP in debt. Moody's notes Malta's small size and open economy make it vulnerable to external developments and warned about government's rising debt

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