Saudi EXIM Bank has received its first-ever credit rating from Fitch, which assigned Long-Term Issuer Default Ratings (IDRs) of 'A+' for both foreign and local-currency, with a Stable Outlook, along with a Short-Term IDRs of 'F1+'.
Fitch stated that the assigned ratings for Saudi EXIM are driven by several key factors, most notably strong Government ownership, support and oversight via the National Development Fund (NDF), and the Bank's pivotal role in the implementation of government policies related to export Financing, Guarantees and Insurance. Fitch noted that the Bank operates as an extension of the government in the diversification of Saudi Arabia's economy and the boosting of its non-oil exports, reinforcing confidence in continued State support when required.
On this occasion, H.E. Eng. Saad bin Abdulaziz AlKhalb, CEO of Saudi EXIM، stated: “We take pride in the results highlighted in the Fitch Ratings report, as they reflect the Bank's commitment to the highest standards of efficiency and transparency. This rating marks a pivotal step in strengthening the Bank's presence in global markets and paves the way for broader opportunities to support the growth of Saudi non-oil exports and provide more flexible and innovative solutions."
H.E. AlKhalb added: “With the support of NDF and under the oversight of the Board of Directors, this rating enhances our ability to seize new growth opportunities, boost the global reach of local exports, and contribute more deeply to diversifying the national economy. Today, the Saudi EXIM Bank plays an active role in achieving the objectives of Saudi Vision 2030 and national strategies, including facilitating trade, supporting innovation, and enabling local companies to expand globally."
Saudi EXIM Bank is a development bank under the umbrella of the NDF, playing a key role in the diversification of the Kingdom's economic base and the improved efficiency of its non-oil export ecosystem. The Bank addresses financing gaps and mitigates export risks—contributing to the growth of the non-oil economy in line with Saudi Vision 2030. Established in 2020, Saudi EXIM Bank provides financing, guarantees and insurance for Saudi exporters and facilitates their entry into global markets in line with Saudi Arabia's economic and development policies.
Fitch Ratings is recognized as one of the world's leading credit rating agencies, with a strong reputation in global financial markets. Its ratings are widely used by investors and financial institutions to make informed financial decisions and to promote transparency and trust within the global business environment.
