Fitch upgrades Saudi Arabia from A+ to AA-

July 9, 2008

International ratings agency Fitch Ratings has upgraded Saudi Arabia’s foreign currency and local currency Issuer Default ratings from A+ to AA-. Fitch has also upgraded Saudi Arabia’s Country Ceiling rating from AA- to AA.

Minister of Finance Ibrahim Al-Assaf welcomed the move and noted that the Kingdom’s sovereign rating reflects its stability and development.

Fitch rated Saudi Arabia for the first time in 2004. In 2006, it upgraded Saudi Arabia’s foreign currency and local currency Issuer Default ratings from A to A+. 

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