June 14, 2018 — Fitch Ratings has affirmed Saudi Arabia’s rating at an A+ with a Stable Outlook. Fitch quotes strong fiscal and external balance sheets, emphasizing exceptionally high internal reserves, significant government assets, and the government’s commitment to an extensive reform agenda. Saudi’s strengths are balanced out by its oil dependency, weak World Bank governance indicators, and geopolitical risk. For 2018-2019, Fitch also predicts an increase in the government debt ratio, a gradual narrowing of the central government deficit, and a decrease in the Saudi Arabian Monetary Authority’s reserves.
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