Rating agency Fitch has downgraded Saudi Arabia’s credit rating from A+ to A citing geopolitical risks and a downturn in the kingdom’s fiscal position. Riyadh called Fitch’s decision “somewhat speculative.”
“The downgrade reflects rising geopolitical and military tensions in the Gulf region, Fitch’s revised assessment of the vulnerability of Saudi Arabia’s economic infrastructure and continued deterioration in Saudi Arabia’s fiscal and external balance sheets,” the New York-based agency said in a statement on Monday. The firm put the kingdom’s long-term foreign currency issuer default rating from A+ to A, while stating that the outlook remains stable.
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