Fitch assigns an “A” rating to the Saudi Public Investment Fund
Riyadh, Saudi Arabia - July 14 2021,King Abdullah Financial District , KAFD business towers

Fitch Ratings has assigned a credit rating of (A) to the Saudi Public Investment Fund, in line with the sovereign rating, which gives strong support to the sovereign wealth fund and its main role in leading the Kingdom’s economic diversification endeavor.

Fitch said it expects the PIF to tap the international debt markets gradually while continuing to benefit from stable capital inflows from the government during the growth phase of its operations.

The Public Investment Fund manages about $480 billion in assets and is the main device to boost Saudi investments at home and abroad while Crown Prince Mohammed bin Salman, who heads the fund, seeks to diversify the kingdom’s oil-dependent economy through Vision 2030.

Fitch said that the total assets of the Public Investment Fund at the end of 2021 were equivalent to 57% of Saudi Arabia’s GDP.