Press Release

- Fitch Ratings upgrades ratings to 'A+' with ‘Stable’ outlooks

- Moody’s Investor Services affirms ‘A2’ ratings and upgrades outlooks to ‘Positive’

Riyadh, Saudi Arabia, 11 May 2023 – The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, corporate credit rating was upgraded by Fitch Ratings and Moody’s Investor Services.

Fitch Ratings upgraded SRC’s Long-Term Issuer Default Ratings (IDRs) to 'A+' from 'A' with ‘Stable’ outlook. The rating action follows the recent upgrade of Saudi Arabia's Long-Term IDRs to 'A+' with ‘Stable’ outlooks.

Moody’s Investor Services affirmed SRC’s ‘A2’ Long-Term Issuer ratings and upgraded its outlooks to ‘Positive’. In its credit opinion, the agency noted SRC’s strong capitalization, solid asset quality metrics, and the important role it plays in increasing home ownership among Saudi national citizens.

Fabrice Susini, CEO of SRC, said: "SRC’s credit upgrades by two of the world’s most influential rating agencies reflect our strong position and the recent positive ratings actions for Saudi Arabia connected to the government’s initiatives to transform the Kingdom’s economy. We look forward to continue raising capital locally and soon internationally on favorable terms to support our continued ability to promote the growth of the Saudi real estate sector and Saudi citizens’ access to homeownership”.

These credit ratings further support SRC's efforts in fulfilling its ambitious goals whilst boosting local and international investor confidence alongside all its stakeholders in the standards and viability of the Saudi real estate industry. 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 Central Bank to operate in real estate refinancing through the secondary market.

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