Fitch upgrades PIF’s outlook to ‘Positive’

29/04/2022 Argaam
Logo ofPublic Investment Fund

Logo of Public Investment Fund

Fitch Ratings revised the outlook on Public Investment Fund's (PIF) long-term foreign- and local-currency issuer default ratings (IDR), today, April 29, to “Positive” from “Stable”. The Positive outlooks reflect that on the sovereign.
 

The rating agency also affirmed the IDRs at 'A' Earlier this month, Fitch referred to improvements in the sovereign balance sheet due to higher oil revenues and commitment to fiscal consolidation.

 

Moreover, 4% of Saudi Aramco’s shares were transferred to the Kingdom’s sovereign wealth fund last February.  
 

Saudi Crown Prince Mohammed bin Salman said the transferred shares will help strengthen the sovereign wealth fund’s solid financial position and strong credit rating in the medium term.

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