RIYADH — Top global credit rating agency has given the thumbs up to Saudi Arabia’s domestic sukuk issuance program.

In its latest report, Moody's assigned Aaa rating to the Riyal-denominated Islamic bond program.

Commenting on the development, Saudi Finance Minister Mohammed Al-Jadaan said: “The rating reflects the strength of the Kingdom’s economy and ability to confront global economic challenges, especially amid the current extraordinary crises and circumstances endured by the world.”

“It also demonstrates the efficiency of structural reforms and financial and economic policies aimed at boosting economic growth, sustainability, and diversification in order to achieve comprehensive development,” he added.

The rating underscored the great trust in the Saudi economic and finance sectors, he stressed.

The government will continue to forge ahead to achieve the goals of Vision of 2030 and empower the local financial sector to transform it into a global hub by 2030, he vowed.

The credit rating of local issuances takes into account the relative risk within a country (relative to the Sovereign issuance rating), while the credit rating of international sukuk sakes is based on a cross-country comparison.