Saudi Arabia Macroeconomic Developments
- U.S. credit rating agency Fitch upgraded eight Saudi banks’ long-term issuer default ratings to “A-” from “BBB+” to reflect creditworthiness and financial stability. The banks include Riyad Bank, Saudi Awwal Bank, Banque Saudi Fransi, Arab National Bank, Alinma Bank, The Saudi Investment Bank, Bank Aljazira, and Gulf International Bank.
- Saudi Arabia holdings of U.S. treasuries reached SAR420 billion ($111.7 billion) in February up SAR2.6 billion ($690 million) from January, making the Kingdom the 17th largest holder of U.S. debt.