Fitch affirms Saudi Arabia at 'A+'; outlook Stable

The Kingdom of Saudi Arabia's flag

Fitch Ratings affirmed Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A+' with Stable outlook.

In a recent report, Fitch said the Kingdom’s credit rating reflects its strong fiscal and external balance sheets, low government debt/GDP ratio and strong fiscal reserve.

The rating agency added that non-oil GDP growth drivers appear robust. It will be underpinned by strong reform momentum and GRE and government capex.

Meanwhile, growth in non-oil exports will be robust and the services deficit should continue narrowing, given strong growth in travel and tourism.