Kingdom's credit ratings highlight strength and elasticity of its economy: Finance ministry

Saudi Ministry of Finance has welcomed the reports issued by international credit rating agencies, including Moody's, which affirmed the Kingdom's previous credit rating, reflecting the strength of the economy, its elasticity and its ability to face global economic challenges, in addition to the move towards achieving the goals of Vision 2030 and achieving economic and social development.

The ministry has also expressed its conservatism about the report issued by Fitch Ratings, which gave Saudi Arabia an "A" rating, compared to a previous rating of "A +" which the Kingdom maintained in the previous ratings, the ministry said in a report obtained by Argaam.

Maintaining advanced ratings among international rankings by the Kingdom and Saudi companies demonstrates the effectiveness of the measures taken by the Kingdom in the context of promoting economic growth.

The efforts made by Saudi Aramco in dealing with the recent terrorist incident on its plants, which proved its professionalism and efficiency in the non-stop supply of global markets due to the recent emergency events, confirming the operational excellence and project management skills of this leading global company, the report added.

Saudi Arabia was able to restore production capacity and reach 11.3 million barrels per day in September and to reach 12 million barrels per day by the end of November, while the actual supply during October will reach 9.89 million barrels per day, and will continue to fulfill its commitments to its clients this month.

Fitch's report does not reflect the implications of Saudi Arabia's rapid response to such serious events, the ministry said, stressing that Saudi Aramco's responsiveness and flexibility have enhanced the company's reliability in supplying oil to international markets.

The ministry has urged Fitch to reconsider its seemingly urgent rating and take into account the continuity and stability of the offer, which reflects the international community's confidence in the Kingdom's ability to fulfill its commitments towards global markets.

The budget deficit falls within plans announced in the Saudi budget for 2019, and the Kingdom is committed to increasing the focus of investment in key areas of the Vision 2030. It also continues to work to improve the efficiency and effectiveness of spending, as it has one of the strongest reserves in the world, as well as the increase of financial assets over obligations, the ministry emphasized.