Riyadh, July 17, 2021,– Fitch Ratings has revised the Outlook on Saudi Arabia’s IDR, the Long-Term Foreign-Currency Issuer Default Rating, to Stable and affirmed the IDR at ‘A.’
Many Saudi newspapers today highlighted issues at local, regional, and international arenas. Some newspapers expect challenges and changes to impact the economy in the near or distant future despite the state’s ability to face different crises while being an attractive environment for global investments.
Ever since launching Vision 2030 development programs, the Kingdom of Saudi Arabia has achieved strength and leadership for the Saudi economy. However, it has also proven its ability to face the most challenging economic crises in modern history due to the COVID-19 pandemic.
This makes the Kingdom of Saudi Arabia among the few countries that achieved a positive revised credit rating outlook. This positive revision has been due to Saudia’s economic reforms and the appropriate policies and steps taken during the COVID-19 pandemic.
Furthermore, Fitch’s revision reiterates the Kingdom’s continued commitment to diversifying income sources and improving the local economy’s performance to meet the aspirations of the leadership and achieve 2030 Vision goals.