Fitch Ratings has recently upgraded its Saudi Arabia's Rating to 'A+' with a Stable Outlook.
The National Debt Management CenterNDMC winning of this award is a testament to Saudi Arabia's ability to meet investors' expectations while accessing debt markets to secure the Kingdom's needs in the short, medium and long term at fair costs.
This award demonstrates the efforts of the Kingdom in developing the local debt market and is expected to promote and enhance demand for Saudi Sukuk and Bond issuances.
'A' medians. In its press release, The Agency assumed the Kingdom will continued progress with fiscal, economic and governance reforms while pointing to the Kingdoms formidable foreign reserves with one of the highest reserve coverage ratios among Fitch -rated sovereigns .The agency also indicated the government's strategic decision-making is being balanced between supporting Vision 2030 projects and responding to high inflation while remaining fiscally prudent.
The agency forecasts a 5% growth of in the non-oil private sector in 2023, to be followed by 4% growth during the 2024 to 2025period. in its release.
The agency indicated in its report that this rating upgrade reflects the Kingdom's strong fiscal and external balance sheets with large sovereign net foreign assets compared to 'AA' median and debt/GDP half of (NDMC) was awarded the “Sovereign Treasury & Funding Team of the Year" award at the annual Bonds, Loans & Sukuk Middle East awards ceremony held in Dubai on the 8th June 2022.