Saudi credit rating up to\ A \ + with a stable outlook According to the agency “Fitch”

Media in Riyadh

Fitch Ratings affirmed Saudi Arabia’s credit rating at A + / with a stable outlook.

Saudi Press Agency reported that the declaration refers to the financial strength of which Saudi Arabia enjoys including foreign reserves, and the proportion of low public debt, in addition to the huge government assets, and Fitch confirmed that the kingdom still has one of the largest sovereign assets of the countries classified as the agency.

Structural reforms within the framework of the Kingdom’s Vision 2030 programs could boost medium-term growth, the agency said, citing financial reforms that could support the acceleration of non-oil GDP growth to 2.5 percent in 2019-2020.

The report pointed to expectations of a rise in public debt to reach 22% of GDP by 2020, but the agency confirmed that this percentage is still lower than the average of countries rated in category A, praising the strength of the Saudi banking sector and the legislation of the Saudi Arabian Monetary Agency.

These positive estimates reflect the confidence of the international rating agencies in the Saudi economy and the effectiveness of the economic reforms taken by the Kingdom’s government under the fiscal balance program to reach its 2023 targets.