The Clap
Global credit agency Fitch Ratings has kept Saudi Arabia’s Public Investment Fund’s long-term foreign- and local-currency issuer default ratings at “A+” with a stable outlook.
What
This reaffirmation comes as the fund continues to play a key role in driving the Kingdom’s economic diversification efforts.
So What
The fund is playing a significant role in boosting Saudi Arabia’s non-oil gross domestic product by engaging in investments across diversified sectors in both local and international markets.
Now What
As the key economic catalyst of Saudi Arabia, Fitch said it does not expect any changes to PIF’s status, ownership, and control over the medium term.
