Fitch Ratings today announces it has obtained authorization from the Capital Market Authority (CMA) to conduct credit rating activities in the Kingdom of Saudi Arabia. To support the ongoing development of Saudi Arabia’s capital market, Fitch Ratings will establish an on-the-ground presence in Riyadh.
Ian Linnell, President of Fitch Ratings, said: “We are delighted to be increasing our commitment in the Middle East with the CMA’s authorization and on-the-ground presence in Saudi Arabia, a key market in the region. We have a solid foundation and footprint in the Middle East, including significant coverage in Islamic Finance, and are committed to the ongoing development and expansion of our platform in the region.”
Jay Leitner, Head of Fitch Ratings Business and Relationship Management, Middle East & Sub-Saharan Africa, added: “Saudi Arabia is a G20 country and the biggest economy in the region with an evolving capital market.
It represents a significant growth opportunity.”
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