2004 News Story
 

11/24/2004
Kingdom’s economy awarded an ‘A’ by Fitch Ratings

Commenting on the fact that Saudi Arabia has been awarded an ‘A’ by Fitch Ratings, Minister of Finance Dr Ibrahim Al-Assaf declared that this boosts the credibility and strength of the Saudi economy and the Kingdom’s financial sector. He added that the international rating agency had also given the Kingdom a rating of "stable" for outlook.


This is the first time that Fitch Ratings has rated Saudi Arabia. Standard and Poor’s has already rated the Kingdom in a similar manner. These are the two largest independent agencies, known for their analytical capabilities and professional credibility. Their ratings, said Dr Al-Assaf, are based on the political and societal situation as well as the economic condition of the country, and take into consideration personal interviews with a large number of officials; they are comprehensive and objectively assess points of weakness and strength along with available capabilities.

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