Municipal ministry signs deal with Fitch to provide credit assessment services

Ministry of Municipal, Rural Affairs and Housing building

Saudi Arabia's Ministry of Municipal, Rural Affairs and Housing signed, on Sept. 5, an agreement with Fitch Ratings to provide credit assessment services for establishments applying for a rating certificate from the City Operators Regulatory Agency, Saudi Press Agency reported.

The agreement aims to assess the capabilities of establishments based on some financial and administrative factors, as it provides an option to conduct a financial analysis and provide credit assessment services as a “quick service”. This will help to assess the financial facility’s ability to implement projects.

The assessment is used as one of the classification certificate requirements to reduce the number of defaulted projects and improve the quality of projects.