2004 News Story

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.