Fitch Upgraded Saudi Arabia�s Sovereign Rating to (AA) with Stable Outlook

Fitch has announced the upgrading of the sovereign rating of the Kingdom of Saudi Arabia to (AA) from (AA-), denoting a stable outlook for the Kingdom.

     H.E. Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf expressed his happiness with this high rating issued by a respected global agency. This rating will enhance confidence in the national economy and prove its strength. This is also an indicative of the Kingdom�s strong and outstanding credit status.

     �The Government of the Custodian of the Two Holy Mosques has been making continued steps for diversifying sources of income and strengthening the Kingdom�s financial position�, said His Excellency. �Fiscal policy and government spending have also been directed at the implementation of infrastructure projects and economic development projects in several areas, such as education, health, housing and transportation. The Kingdom�s  prudent policy has resulted in the accumulation of considerable financial surpluses  that enabled the government to continue spending on these projects, achieve ambitions of sustainable development, and create more job opportunities for citizens.�, he added.

    H.E. SAMA Governor, Dr. Fahd bin Abdullah Al-Mubarak said that the new high sovereign rating is a result of the sound methodology adopted by the Government of the Custodian of the Two Holy Mosques for handling the economy and financial affairs. �This has been made under the instructions of the wise leadership to achieve comprehensive development, aimed at citizen welfare.�, His Excellency said.  �This assessment is evidence that the Kingdom has succeeded to follow a balanced and prudent monetary policy appropriate for the domestic economy, and that SAMA has been successful  in the development and application of supervisory standards to ensure the soundness and stability of the banking system.�, he added.

     He also pointed out that Fitch has commended SAMA�s competent professionalism in handling the Kingdom�s financial reserves as well as the prudent steps taken to utilize modern methods and standards for risks reduction and management in the financial sector.

     It is worthy to mention that Fitch upgrading of the Kingdom�s sovereign rating makes it rank seventh within the G20 members, after the United States , Germany, Canada , Australia, Britain, France, and ahead of Japan, Korea, China, Italy and the rest of the members.