(Bloomberg) -- Saudi Arabia's sovereign wealth fund is expected to “gradually” tap debt markets, according to Fitch Rating.
The rating agency on Wednesday assigned the $500 billion Public Investment Fund a rating of A, the sixth-highest investment-grade level, with a stable outlook. It is the same rating Fitch assigns for Saudi Arabia.
Fitch said it “expects PIF to gradually tap international capital markets, while continuing to receive stable flows of capital funding from its government during the growth stage of its operations.”
The Public Investment Fund is planning its first green debt issuance as it looks to increase the role that environmental, social and governance principles play in its investments, Governor Yasir Al Rumayyan said in September.
It has also hired five international banks as members of an ESG panel for its medium-term capital-raising strategy, Reuters reported in September.
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