Saudi Gazette report
RIYADH — Fitch Rankings has affirmed Saudi Arabia’s long-term international foreign money issuer default ranking at A+ with a steady outlook, highlighting the Kingdom’s sturdy fiscal place and continued reform momentum.
In its newest report, the worldwide ranking company mentioned Saudi Arabia’s credit standing displays the robustness of its monetary fundamentals.
It famous that key indicators —such because the sovereign internet international asset place and the debt-to-GDP ratio— are considerably stronger than the averages for international locations within the “A” and even “AA” ranking classes.
Fitch emphasised that the Kingdom holds substantial monetary reserves within the type of public sector deposits and different belongings, supporting its macroeconomic stability.
Trying forward, the company projected that Saudi Arabia’s sovereign internet international belongings will stay a cornerstone of its credit score power, reaching 35.3% of GDP by 2027.
This determine stands effectively above the typical for international locations rated “A,” which is simply 3.1% of GDP.
Fitch additionally pointed to the continuing fiscal reforms undertaken by the Saudi authorities, geared toward bettering price range flexibility and decreasing dependence on oil revenues.
The company mentioned these reforms, together with a sustained rise in non-oil revenues, proceed to bolster the Kingdom’s credit score profile.