Saudi Arabia retains high credit rating

January 15, 2010

Global financial ratings agency Fitch Ratings confirmed the soundness of the Saudi economy on Tuesday, releasing a statement announcing that it is renewing the Kingdom’s AA credit rating. Minister of Finance Dr. Ibrahim Al-Assaf expressed satisfaction over the designation, describing it as a culmination of the prudent fiscal and monetary policy pursued by the Government of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz. The rating reflects the Kingdom’s good management of its foreign investments and foreign exchange reserves, as well as its disciplined supervision of its banking sector.