Saudi Arabia’s rating by Fitch reflects efficient economic reforms

Saudi Arabia’s “A+” long-term foreign-currency issuer default rating (IDR) by Fitch Ratings reflects the Kingdom’s efficient economic reforms, the Ministry of Finance said on its Twitter account Tuesday.

“Saudi Arabia’s current account swung to a surplus of 2.2 percent of Gross domestic product (GDP) in 2017 from a deficit of 3.7 percent in 2016,” it added, citing the rating agency’s report.

Fitch Ratings has affirmed Saudi Arabia's long-term foreign-currency IDR at "A+" with a stable outlook, Argaam reported.

The agency expects the central government deficit to narrow only gradually, to 6.4 percent of GDP in 2019 (SAR 180 billion), from 8.3 percent in 2017.