Fitch Ratings has affirmed Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at A+ with a Stable Outlook.
The Kingdom’s ratings are supported by strong fiscal and external balance sheets, including exceptionally high international reserves, low government debt and significant government assets, it explained.
Structural reforms under the Vision 2030 could boost growth over the medium term.
The fiscal policy stance 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 GDP in 2020,” it added.
This figure remains less than the average of countries with an A rating. It hailed the strength of the Saudi banking system and monetary policies.
The positive rating reflected international agencies’ faith in the Saudi economy and the efficiency of the government’s economic reforms to achieve Vision 2030.
