Singapore's Temasek Holdings and Saudi Arabia's Public Investment Fund (PIF) have the strongest intrinsic credit quality among 11 government-owned investment holding companies (IHCs) rated by Moody's, according to a report. While the credit quality of these IHCs generally aligns with their respective governments, intrinsic credit quality varies as it reflects standalone credit strength excluding extraordinary government support. The assessed companies are mainly in the Middle East and Asia, including entities from Malaysia, Kazakhstan, Abu Dhabi, and China. Temasek and PIF stand out for their superior credit metrics, excellent liquidity, diversified investment portfolios, low leverage, and high interest coverage. Temasek is notably the only net cash company, with strong recurring cash flow from dividend income supporting its robust credit standing.