Fitch assigns Saudi EXIM Bank 'A+' rating; outlook stable

Logo of Saudi EXIM Bank (Saudi EXIM)

Fitch Ratings assigned the Saudi Export-Import Bank (Saudi EXIM) its first-ever credit rating; a Long-Term Issuer Default Rating (IDR) of “A+” in both foreign and local currencies, with a stable outlook. The agency also assigned the bank a Short-Term IDR of “F1+”.

Fitch views Saudi EXIM as a government-related entity (GRE) of Saudi Arabia and equalises its ratings with that of the sovereign. The bank operates as an extension of the government, with a key role in the government's agenda in export-driven economic diversification. Fitch looks through the bank's owner, National Development Fund (NDF), to Saudi Arabia as sponsor under its GRE criteria, and insurance.

The agency added that Saudi EXIM operates as an extension of the government’s efforts to diversify the economy and boost non-oil exports, reinforcing confidence in the likelihood of continued government support when needed.

On his part, Bandar Alkhorayef, Minister of Industry and Mineral Resources, stated that the bank receiving its first credit rating from Fitch reflects its pioneering role in supporting the Kingdom’s development by enhancing the efficiency of the export ecosystem, bridging financing gaps, and mitigating risks.

In a post on X, the minister noted that since its establishment in 2020, Saudi EXIM has provided over SAR 75 billion in credit facilities, allowing non-oil exports to reach more than 150 countries worldwide.