SRC announces credit rating and outlook upgrades from Fitch and Moody’s

The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has received an upgrade in its corporate credit rating from both Fitch Ratings and Moody's Investor Services. In a recent development, Fitch Ratings has upgraded the corporate credit rating of SRC to ‘A+’ with a ‘Stable’ outlook. Moody's Investor Services has affirmed SRC's credit rating as ‘A2’ and upgraded its outlook to ‘Positive’.

SRC’s high ratings are a testament to the quality of its portfolio and robust capital, according to sources. These improvements follow on the heels of recent credit rating upgrades for the Kingdom, which reflected the strong momentum created by the crucial reforms fueling the economic expansion of the Kingdom.

Meanwhile, SRC CEO Fabrice Susini commented that the company has received credit upgrades from two of the world's most influential rating agencies. This decision is a clear indication of SRC's commitment to building a sustainable business, which is supported by a high-quality portfolio and a robust financial position. The business model and ecosystem in which the company operates have been shown to be trustworthy, as evidenced by the ratings. This is further supported by government initiatives aimed at transforming the Kingdom’s economy.

SRC has announced its plans to raise capital locally and internationally on favorable terms. According to Susini, this move is aimed at increasing liquidity in the residential real estate financing market and supporting the growth of the Saudi real estate sector. The company is committed to promoting Saudi citizens' access to homeownership and will continue to work towards achieving this goal.

SRC has announced that its credit ratings will help in achieving its ambitious goals and enhancing the trust of local and international investors in the Saudi real estate industry and its stakeholders. This move is expected to boost the standards and viability of the industry.

In 2017, the Public Investment Fund founded SRC with the aim of becoming a key player in the residential real estate financing industry in Saudi Arabia. The Saudi Central Bank granted SRC a license to operate in real estate refinancing through the secondary market, making it a significant pillar and driving force for growth and sustainability in the sector.