Fitch Raises Saudi Arabia’s Credit Rating Due To “Formidable” Foreign Reserves

Fitch Ratings on Wednesday upgraded Saudi Arabia's long-term foreign-currency issuer default rating (IDR) to 'A+' from 'A,' citing the Kingdom's strong fiscal position and "formidable" foreign reserves. The outlook on the rating is "stable," said Fitch, which noted that the world's top crude oil exporter has a much stronger debt-to-GDP ratio than many other sovereigns, as well as significant fiscal buffers in the form of deposits and other public sector assets.   "Saudi Arabia has one of the highest reserve coverage ratios among Fitch-rated…