Ministry of Investment: The Kingdom achieves advanced credit ratings at the international level

The Saudi Economic and Investment Monitor report for the third quarter of 2024 issued by the Ministry of Investment indicated the Kingdom’s progress in many international indicators, and these ratings reflect its solid performance in the economic and investment environment. The list of credit rating agencies included: Moody’s, Fitch, and Standard & Poor’s.

According to the report, Moody’s assigned the Kingdom an A1 rating last May with a positive outlook, and Fitch granted an A+ rating last February with a stable outlook, and the Kingdom received an A/A-1 rating from Standard & Poor’s last September with a positive outlook.

It is noteworthy that Moody’s raised its credit rating for the Kingdom in local and foreign currency a few days ago to “Aa3” with a “stable” outlook, and the agency explained that raising the Kingdom’s credit rating with a stable outlook comes as a result of the Kingdom’s continuous progress in economic diversification, and the increasing growth of the non-oil sector in the Kingdom, which, over time, will reduce the connection between oil market developments and its economy and public finances.

The agency commended the financial planning undertaken by the Kingdom’s government within the framework of the fiscal space, its commitment to prioritizing spending and raising its efficiency, in addition to the government’s ongoing efforts and its continuation to invest the available financial resources to diversify the economic base through transformational spending, which supports the sustainable development of the non-oil economy in the Kingdom, and maintains a strong financial position. It is noteworthy that the Kingdom has achieved a number of upgrades in its credit rating from international agencies during the current and past two years, which reflects the Kingdom’s continuation towards economic transformation in light of the structural reforms followed, and the adoption of financial policies that contribute to maintaining financial sustainability and enhancing the efficiency of financial planning and the strength and solidity of the Kingdom’s financial position.