Fitch affirms Saudi Arabia’s ‘A+’ rating with stable outlook

RIYADH: Fitch Ratings affirmed Saudi Arabia’s ‘A+’ sovereign credit rating with a stable outlook, citing strong fiscal buffers and external finances despite regional conflict and temporary trade disruptions. The ratings agency said the Kingdom’s government debt and sovereign net foreign assets remain considerably stronger than those of similarly rated peers, supported by substantial fiscal buffers in the form of deposits and other public sector assets. Oil dependence and governance indicators, however, continue to constrain the rating.