International Fitch Agency for Credit Rating has announced that the Kingdom's grade of sovereignty rating is raised from (AA-) to (AA) with a stable outlook. In a statement to Saudi Press Agency (SPA), Dr. Ibrahim Al-Assaf, Minister of Finance, was pleased with the rating, saying it pointed to the strength and soundness of the financial and economic policies currently being undertaken by the Saudi Government. Al-Assaf also underscored the policy of increased government spending on infrastructure and development projects such as housing, public transport, education and health. For his part, Dr. Fahd bin Abdullah Al-Mubarak, Governor of the Saudi Arabia Monetary Agency (SAMA), said that this rating is a result of the policies followed by the government of the Custodian of the Two Holy Mosques in administration of economy and financial affairs. He added that Fitch lauded the SAMA's high professionalism in dealing with the Kingdom's financial reserves.
