Saudi Arabia: Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating at ‘A+’ with a Stable Outlook, the agency said on Friday.

Fitch indicated the rating reflects the Kingdoms strong fiscal and external balance sheets. It said: “government debt/GDP and sovereign net foreign assets considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers in the form of deposits and other public sector assets”.

The agency also noted the Kingdom’s reform program, Saudi Vision 2030, has diversified economic activity in one of the Middle East strongest economies.
And there is positive outlook for growth this year.

“Headline economic growth is set to rebound in 2025 after being held back by cuts to oil production agreed by OPEC+,” a note by the agency said.

In addition Fitch also said that the Kingdom now faces less geopolitical risk.

“Saudi Arabia is exposed to geopolitical risks, but Fitch judges that these have lessened recently, given the dynamics of the regional conflicts.”