Fitch revises Saudi Arabia's outlook to 'positive' from 'stable' | Reuters
Ratings agency Fitch revised its outlook on Saudi Arabia to "positive" from "stable" on Thursday, citing improvements in the country's sovereign balance sheet given higher oil revenues.
Saudi Arabia expects to post its first budget surplus in nearly a decade this year by keeping a tight rein on its budget while revenues roll in, boosted by higher crude prices, Finance Minister Mohammed al-Jadaan said in December.
The kingdom has increasingly relied on its $450 billion sovereign wealth fund, the PIF, and other state entities to drive an ambitious spending push - leaving the government's books relatively clear while freeing it to raise debt if needed.
S&P last month also raised Saudi Arabia's outlook to positive from stable. read more
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