Fitch raises Kingdom’s sovereign rating to AA with a stable outlook
March 7, 2014
Fitch Ratings, the international credit ratings agency, has announced an upgrade of the Kingdom’s sovereign rating from AA- to AA with a stable outlook. In a statement, Finance Minister Dr. Ibrahim Al-Assaf expressed his satisfaction, crediting the sound financial and economic policies of the Saudi government for the upgrade. Al-Assaf also noted the importance of increased government spending on infrastructure and development projects involving housing, public transport, education and health.
Saudi Arabian Monetary Agency (SAMA) Governor Dr. Fahd bin Abdullah Al-Mubarak agreed that the rating is the result of the policies followed by the government of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz. In addition, he praised SAMA’s handling of the Kingdom’s financial reserves.