(MENAFN- Kuwait News Agency (KUNA)) Fitch Rating Friday upgraded Saudi Arabia's Long-term foreign and local currency Issuer Default Ratings (IDR) from AA- to AA, coupled with a stable outlook
Fitch also upgraded the Country Ceiling from AA to AA+, with the short-term foreign currency IDR has been affirmed at F1+
Saudi Finance Minister Ibrahim Al-Assaf, in a statement, said he was happy with the upgrade of credit rating which boosted confidence in the Saudi national economy and highlight the credit strength of the Kingdom
The Saudi government is proceeding with its plans to diversify income coupled with cementing its financial status, he said
Al-Assaf said Saudi Arabia was also investing heavily in infrastructure projects, economic development, education, health, housing and transportation
Governor of the Saudi Monetary institute Dr. Fahad Al-Mubarak said in another statement the upgrade of credit rating reflecting the "sound approach" of the Saudi government in the management of economic and financial affairs
Fitch, among other things, noted that Saudi Arabia's real GDP growth is in excess of peers and non-oil growth is faster still. Growth slowed to 3.8 percent in 2013 owing to lower oil production. Non-oil growth was robust, at five percent, and has outpaced growth in the oil sector for seven of the past eight years
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