Saudi EXIM Bank receives 1st Fitch rating at 'A+' with stable outlook
The Saudi Export-Import Bank (Saudi EXIM) received its first-ever credit rating from Fitch Ratings, which assigned the bank a Long-Term Issuer Default Rating (IDR) of 'A+' in both foreign and local currencies, with a stable outlook. The agency also gave the bank a Short-Term IDR of 'F1+'.
Fitch said the ratings reflect several key factors, including strong government ownership and support, oversight by the National Development Fund (NDF), and the bank's pivotal role in implementing government policies related to export financing, guarantees, and insurance, according to the Saudi Press Agency.
The agency added that Saudi EXIM operates as an extension of the government's efforts to diversify the economy and boost non-oil exports, reinforcing confidence in the likelihood of continued government support when needed.
On his part, Bandar Alkhorayef, Minister of Industry and Mineral Resources, stated that the bank receiving its first credit rating from Fitch Ratings reflects its pioneering role in supporting the Kingdom's development by enhancing the efficiency of the export ecosystem, bridging financing gaps, and mitigating risks.
In a post on X, the minister noted that since its establishment in 2020, Saudi EXIM has provided over SAR 75 billion in credit facilities, enabling non-oil exports to reach more than 150 countries worldwide.
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