Press Release

Riyadh, Saudi Arabia, 08 May 2023 – The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund (PIF), announces the assignment of “A-“ global scale and “KsaAAA” Saudi national scale ratings by S&P Global with a stable outlook..

S&P Global’s rating reflects the quality of SRC’s portfolio, its strong capitalization, the extremely high likelihood of the Kingdom’s support given its integral link with and the very important role it plays in providing liquidity to the mortgage market and organizing the secondary mortgage market. The rating assignment follows recent credit rating upgrades for Saudi Arabia, reflecting the positive momentum generated by significant reforms driving the Kingdom’s economic growth prospects.

Fabrice Susini, CEO of SRC said: “The decision by S&P Global to assign these ratings to SRC is testament to our efforts to build a sustainable business underpinned by a quality portfolio and strong financial position. The ratings also demonstrate the trust in our business model and the ecosystem in which we operate, under the leadership of His Excellency, our chairman, and with the support of our stakeholders, intimately connected to the initiatives supported by the government to transform the Kingdom’s economy and foster the Housing Program. We look forward to continue raising funds, both locally and internationally, in different shapes and forms, on favourable terms to support our ability to promote the growth of the Saudi residential real estate sector and Saudi citizens’ access to homeownership.”

These credit ratings will further support SRC's efforts in fulfilling its ambitious goals and boosting local and international investor confidence in the standards and viability of the Saudi real estate industry and its stakeholders. The Saudi Real Estate Refinance Company (SRC) was established in 2017 with the aim of helping transform the local housing market. SRC obtained a license from the Saudi Arabian Monetary Agency to operate in real estate refinancing through the secondary market.

SRC is rated ‘A2’ by Moody’s Investors Service with a recently upgraded ‘positive’ outlook and ‘A+’ (stable) by Fitch Ratings.

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