Press Release

Fitch Rating Agency Raises the Kingdom's Credit Rating 

Fitch Rating Agency announced on the 20^th of March 2013 a change in the outlook of the sovereign rating of the Kingdom from Stable to Positive with a high ceiling at (AA-). This announcement is a confirmation of the strength of the Saudi economy and its financial position.

On this occasion, His Excellency the Minister of Finance, Dr. Ibrahim al Assaf, has declared that this positive rating by one of the largest international rating agencies boosts confidence in the strength of the Saudi economy, sustainability of its growth and diversity of its sectors. This is due to the successful fiscal and economic policies followed by the Kingdom, under directives of the Custodian of the Two Holy Mosques. It is also owing to appropriation of a large portion of the government spending for supporting infrastructure and development projects in many key sectors, such as housing and public transport means, which will enhance the absorptive capacity and production of the domestic economy, in addition to the continued reduction of the public debt to its lowest level ever.

In addition, the Governor of SAMA Dr. Fahad Abdullah Almubarak has expressed his satisfaction  for the positive outlook of Fitch Rating  Agency that is in line with the economic development in the Kingdom, reflecting the efforts exerted by the government of the Custodian of  the Two Holy Mosques to achieve overall development leading to citizens welfare. This rating confirms that the Kingdom has succeeded in implementation of its prudent monetary policies and  its distinct supervisory approach over financial institutions that has contributed to promoting stability and development of its financial sector and the continuous enhancement of the Kingdom's financial reserves that has spared the Kingdom the challenges facing the global economy.