Fitch Ratings has affirmed Saudi Arabia’s Public Investment Fund’s (PIF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘A+’ with Stable Outlook, the organization said in a press release.
Fitch has also affirmed PIF’s special-purpose vehicle (SPV) GACI First Investment Company’s guaranteed EMTN programme ratings and senior unsecured long-term ratings of US dollar-denominated bonds at ‘A+’.
PIF’s trust issuance programme, issued through the trustee SUCI Second Investment Company (SSIC), has also been affirmed at ‘A+’.
“The affirmation reflects Fitch’s unchanged assessment of ‘Very Strong’ status, ownership and control, support track record and socio-political implications of default, and ‘Strong’ financial implications of default. This leads to an overall government support score of 50 out of a maximum 60 and an equalisation of PIF’s IDRs with those of Saudi Arabia.”
