Fitch raised Saudi Arabia's long-term foreign currency issuer default rating (IDR) to 'A+' from 'A', citing the country's strong fiscal position and strong foreign exchange reserves.
The Saudi Arabia economy still remains highly dependent on oil.
Fitch noted that, in addition to the World Bank's poor governance indicators and vulnerability to geopolitical impact, as well as high dependence on oil remains a weakness in the ratings of the Saudi Arabia economy.
Fitch Ratings said last month that Saudi Arabia's budget would be close to balance this year, compared with a 2.5% surplus last year, due to lower average oil price expectations in 2023 ($85 per barrel according to Fitch forecast) and lower oil production.
'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices
US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters
ANZ: Oil Market to Remain Bearish, WTI Oil Prices Rebounded After A Roller Coaster
For queries, please contact William Gu at williamgu@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn