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Thursday, 23 March 2017

Saudi Arabia Rating Cut by Fitch on Worsening Public Finances - Bloomberg

Saudi Arabia Rating Cut by Fitch on Worsening Public Finances - Bloomberg:

"Saudi Arabia’s credit worthiness was cut one level by Fitch Ratings, which said low oil prices were worsening public and external finances.

 Fitch reduced Saudi Arabia’s rating to A+, the fifth-highest investment grade, and changed the outlook to stable from negative, the agency said in a statement on Wednesday. The downgrade “reflects the continued deterioration of public and external balance sheets, the significantly wider than expected fiscal deficit in 2016 and continued doubts about the extent to which the government’s ambitious reform program can be implemented," Fitch said.

 The downgrade by Fitch “was anticipated,” the Finance Ministry said in an emailed statement. Saudi Arabia’s economic fundamentals are strong, it said. Fitch’s cut puts its Saudi rating on par with Moody’s Investors Service. Both classify the kingdom two levels above S&P Global Ratings.

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