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.
Related Posts
Real estate has long been one of the most attractive sectors for criminals seeking to disguise illic...
Read More
For years, regulatory enforcement in AML followed a familiar pattern. A bank was found to have weak ...
Read More
For many Corporate Service Providers, customer due diligence is often viewed as the most important s...
Read More