Fitch downgrades Saudi Arabia over geopolitical tensions | ZAWYA MENA Edition:
Fitch Ratings has downgraded Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'A' from 'A+' with a stable outlook.
The downgrade reflects rising geopolitical and military tensions in the Gulf region, vulnerability of Saudi Arabia's economic infrastructure and continued deterioration in the kingdom’s fiscal and external balance sheets, Fitch said.
Earlier in September, attacks on Aramco facilities in Abqaiq and Khurais cut Saudi Aramco’s company's crude oil supply by around 5.7 million barrels per day or about 50 percent of its output.
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