Fitch affirms Saudi Arabia's credit rating at 'A+' with stable outlook

Fitch Ratings has maintained Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at "A+" with stable outlook.

The Kingdom's financial strength is supported by strong fiscal and external balance sheets, including exceptionally high international reserves, low government debt and significant government assets.

Structural reforms under the Vision 2030 could boost growth over the medium term. 

Saudi Arabia's fiscal policy overall supports an acceleration of non-oil growth to 2.5 percent in 2019-2020.

“We forecast general government debt will be 22 percent of gross domestic product in 2020,” Fitch said.

This figure remains less than the average of countries with an A rating, the agency noted, hailing the strength of the Saudi banking system and monetary policies.

The positive rating reflects international agencies’ faith in the Saudi economy and the efficiency of the government’s economic reforms, the Saudi Ministry of Finance said.