Fitch Ratings upgraded Saudi Arabia's rating from A to A+, giving it a stable outlook.
And the agency indicated, in a statement issued recently, that the upgrade of the rating reflects the strength of the Kingdom’s budget and low government debt, in addition to the continued commitment to making gradual progress in financial, economic and governance reforms.
The agency added, in a statement, that raising the rating reflects the strength of its fiscal and external budget, in addition to the strength of the government debt ratio to GDP and net foreign sovereign assets, which exceeds the average rating A and rating AA, and Saudi Arabia also has large financial reserves in the form of deposits and sector assets. general.
She stated that raising the rating assumes a continued commitment to achieving gradual progress in financial, economic and governance reforms.
This comes after the “Standard & Poor’s” agency raised Saudi Arabia’s credit rating to “A / A-1”, with a “stable” outlook, and the credit rating agency “Moody’s”, in its credit report for Saudi Arabia, confirmed its rating at “A1”. With the adjustment of the future outlook from “stable” to “positive”, at a time when many international banks collapsed.
Moody's had indicated in its rating the strength of the Saudi economy, explaining that this is a result of the government's continued efforts to develop fiscal policy and comprehensive regulatory and economic structural reforms that will support the sustainability of economic diversification in the medium and long term.
Okaz (Jeddah) @okaz_online
