Jeddah: ARAB NEWS

Thursday 21 March 2013

Finance Minister Ibrahim Al-Assaf said that yesterday’s positive rating announced by Fitch Ratings, an international agency, would enhance confidence in the strength of Saudi economy and its continued growth.

His remarks came after Fitch Ratings affirmed Saudi Arabia’s Long-Term foreign and local currency Issuer Default Ratings (IDRs) at “AA-” and revised the Outlook to Positive from Stable. In addition, Fitch has affirmed Saudi Arabia’s Country Ceiling at ‘AA’ and its Short-Term foreign currency IDR at ‘F1+.’

“This is the result of successful financial and economic policies followed by the Kingdom on the directives of Custodian of the Two Holy Mosques King Abdullah,” he said.

Al-Assaf also underscored the policy of increased government spending on infrastructure and development projects such as housing and public transport and the Kingdom’s efforts to bring public debts to its lowest in history.

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