• S&P assigns A-1 credit ratings to PIF’s U.S. and European commercial paper programs
  • PIF is now one of a few sovereign wealth funds to hold credit ratings from the world’s three leading credit rating agencies: S&P, Moody’s and Fitch

RIYADH: PIF today announced that S&P Global Ratings has assigned it an inaugural short-term credit rating of A-1 with stable outlook, which reflects PIF’s robust balance sheet, strong liquidity position, and disciplined financial management. The short-term credit rating is in line with Saudi Arabia’s short-term rating.

S&P assigned the same A-1 credit rating to PIF’s U.S. and European commercial paper programs, which PIF established in June 2025 to further enhance its short-term funding flexibility and liquidity diversification.

Ziyad Alfawzan, PIF’s Head of Capital Finance Strategy, said: “This rating highlights the strength of PIF’s balance sheet and the sophistication of our liquidity management framework. It enables us to broaden access to short-dated markets, diversify our investor base, and reinforce the depth of our credit quality and funding flexibility, positioning PIF among leading global issuers recognized for disciplined and diversified balance sheet management.”

PIF’s credit ratings highlight its financial strength and the confidence in its long-term strategy, which prioritizes value creation, capital efficiency and the safeguarding of long-term returns.

PIF is now one of a few sovereign wealth funds to hold ratings from all three major credit rating agencies:

  • Moody’s: Long-term Aa3, short-term P-1 (stable outlook)
  • Fitch: Long-term A+, short-term F1+ (stable outlook)
  • S&P: Short-term A-1 (stable outlook)

PIF is one of the world’s most impactful investors, further developing key sectors and opportunities that shape the global economy, deliver returns, and drive the economic transformation of Saudi Arabia.

ABOUT PIF

PIF is one of the world’s most impactful investors, enabling the creation of key sectors and opportunities that help shape the global economy, deliver returns and drive the economic transformation of Saudi Arabia, supporting the delivery of Vision 2030. PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.

And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.

Since 2017, PIF has been establishing companies and driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.

For media inquiries:
PIF Media Relations
Email: media@pif.gov.sa
Website: www.pif.gov.sa
Rupert Trefgarne: rtrefgarne@pif.gov.sa