Fitch: Stable Saudi Outlook

Fitch Ratings has affirmed Saudi Arabia’s long-term foreign and local currency issuer default ratings (IDR) at AA, with outlook stable.

Fitch says that its rating reflects Saudi Arabia’s substantial external and fiscal buffers which provide key support at a time of lower oil prices. But it notes that sovereign and foreign assets have declined since peaking at 114% of GDP at the end of August and are expected to be drawn down in...