KSA, February 05, 2024 : Fitch Ratings has affirmed Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A+' with a Stable Outlook. The rating reflects the Kingdom's strong fiscal and external balance sheets, with considerable government debt/GDP and sovereign net foreign assets (SNFA).
Fitch forecasts SNFA to remain above 50% of GDP in 2024-2025, significantly higher than both 'A' and 'AA' medians. The agency also anticipates 4.5% real growth in the non-oil sector in 2024-2025, following an average of around 5% in 2022-2023. Additionally, fiscal reforms enhancing budget resilience to oil price volatility could positively impact the rating.
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