Saudi Arabia’s Public Investment Fund (PIF) announced on December 1, 2025 that S&P Global Ratings has assigned it an A-1 short-term credit rating with a stable outlook, affirming the Fund’s robust balance sheet, strong liquidity and disciplined financial management, according to information carried by the Saudi Press Agency.
The same A-1 rating was also assigned to PIF’s US and European commercial paper programs, which the Fund established in June 2025 to enhance short-term funding flexibility and diversify liquidity sources. The assessment is consistent with the Kingdom’s short-term sovereign rating.
Context and Background
As the sovereign wealth fund of the Kingdom, PIF plays a central role in advancing national economic diversification and catalyzing investment in sectors shaping global growth. Short-term ratings from S&P Global Ratings evaluate an issuer’s capacity to meet obligations maturing within one year, providing a reference point for international money market investors and corporate treasuries.
By securing a high-grade short-term assessment across its programs, PIF deepens access to international cash markets and complements its presence in longer-dated financing. This