SAUDI ARABIA

 

Fitch Ups Saudi Rating

 

Fitch Ratings has upgraded Saudi Arabia’s long-term and local currency ratings to AA from AA-, with stable outlook. Also the country ceiling has been upgraded to AA+ from AA.

Fitch added that the upgrade reflects

the following:

•  Saudi Arabia has bolstered its sovereign and external balance sheets, with government deposits in the banking sector rising to 58.7% of GDP at end-2103, compared with general government debt...