The Kingdom Maintains its High Credit Rating of  " -AA"

For the second time in a row during the last two months, another credit rating agency S&P confirmed sustainability of the Kingdom�s economy and the strength of its financial position in the world.  S&P announced today that the Kingdom maintained its high sovereign credit rating (-AA) with a stable outlook.

On this occasion, H. E. Minister of Finance Dr. Ibrahim Al-Assaf expressed his happiness with this assessment and the confidence in the Saudi economy, particularly in light of the current circumstances of the global economy.  In particular the report emphasized the very strong position of the fiscal and balance of payments positions.  He added that the Government of the Custodian of the Two Holy Mosques continues to pursue policies leading to the elevation of the Kingdom�s position, and its financial capabilities through diversification of income sources and investment in human resources.  The Kingdom is alsoharnessing the fiscal policy and government spending in the implementation of infrastructure, economic and social development projects while continuing to reduce the level of public debt and strengthen the Kingdom�s financial position.

H. E. Governor of SAMA Dr. Fahad Al-Mubarak pointed out that the stable credit rating indicates once again that the Kingdom enjoys its place among countries known for sustainability of their economic growth and stability of the financial system, which are cardinal factors for economic activities.A well balanced monetary and fiscal policy has been critical in building the Kingdom�s cash reserves for sustainable economic development. He also noted that the economic results achieved by the kingdom reflect the directives of Custodian of the Two Holy Mosques.