SRC receives ‘A-’ rating with stable outlook from S&P

Logo Saudi Real Estate Refinance Co. (SRC)

Saudi Real Estate Refinance Co. (SRC), wholly owned by the Public Investment Fund (PIF), announced today, May 9, that it had received the 'A-' rating at the level of global credit and 'KsaAAA' at the level of local credit with a stable outlook from S&P Global Ratings.  

The company recently announced receiving high credit ratings from the global agencies Fitch and Moody's. 

Fitch upgraded the company's credit rating to “A+” with a stable outlook, while Moody's maintained its rating at “A2” with a positive outlook.

These high ratings reflect the quality of the company's portfolio and its strong capital and are in line with the Kingdom's recent credit rating upgrades, which show the positive momentum resulting from the major reforms that drive the Kingdom's economic growth, SRC stated.  

SRC CEO Fabrice Susini said that these high credit ratings demonstrate the company’s continuous efforts to build a sustainable business backed by a high-quality portfolio and a strong financial position.  

Furthermore, the positive evaluations show confidence in the company's business model and the strong ecosystem in which it operates, with the support of government initiatives to develop the Kingdom's economy, he added. 

"We are looking forward to increasing the volume of local and international investments and injecting liquidity into the residential real estate financing market on favorable terms to support our continued ability to enhance the growth of the Saudi residential real estate sector and increase the percentage of Saudi citizens owning homes," Susini said.