Fitch Agency raised the Kingdom's credit rating to A+ with a stable outlook, according to its recently issued report.
In its report, the agency stated that raising the Kingdom's credit rating was a reflection of its financial strength and the size of its sovereign assets reflected in its total foreign reserves compared to the average of AA, and the debt-to-GDP ratio is less than half of the average of A.
The agency assumed the Kingdom's continuation of financial, economic and governance reforms. It also indicated the strength of the Kingdom's foreign reserves, as it enjoys one of the highest reserves coverage ratios among the sovereigns rated by Fitch.
The agency indicated that the government's strategic decisions balance between enabling Saudi Vision 2030 projects and responding to high inflation with financial prudence.
In its report, the agency expected the non-oil private sector to grow at a rate of 5% in 2023, and to continue to grow at a rate of 4% during the period from 2024 to 2025.
Okaz (Riyadh) @Okaz_online
