The Clap
Fitch raised Saudi Arabia’s credit rating to “A+” with a stable outlook.
What
The rating, the fifth-highest sovereign rating granted by the agency, reflects Saudi Arabia’s financial strength, its ability to control public debt, and expects the country to continue in its financial, economic, and governance reforms.
So What
KSA has one of the highest reserve coverage ratios among Fitch-rated governments at 18 months from current external payments.
Now What
The agency expects the Saudi budget to achieve parity during the current year after recording a surplus that amounted to 2.5% of the GDP in 2022 in light of the decline in oil prices and production that reduced the increase in the country’s non-oil revenues.
