Fitch Affirms Saudi Arabia's 'A+' Credit Rating with Stable Outlook

Fitch Ratings has affirmed Saudi Arabia's long-term foreign-currency issuer default rating at 'A+' with a Stable Outlook, underscoring the Kingdom's strong fiscal position, sizable financial reserves, and resilience amid a challenging global economic environment.

In its latest assessment, the international credit rating agency said Saudi Arabia's rating reflects the country's robust public finances and substantial sovereign external assets. Fitch noted that the Kingdom's government debt levels and sovereign net foreign assets remain significantly stronger than the median of countries rated in the 'A' and 'AA' categories.

The agency also highlighted the resilience of Saudi Arabia's economy despite ongoing geopolitical tensions, pointing to the continued strength of non-oil economic activity and prudent fiscal management as key factors supporting economic stability.

Fitch forecasts Saudi Arabia's real GDP growth will slow to 0.6% in 2026, before recovering in 2027. The agency expects the rebound to be supported by the restoration of shipping flows through the Strait of Hormuz, enabling higher oil and petrochemical production. Economic growth is projected to accelerate further, reaching 2.9% by 2028.

The latest rating decision comes shortly after the International Monetary Fund revised its outlook for the Saudi economy. Last week, the IMF lowered its 2026 growth forecast for the Kingdom by 1.4 percentage points to 1.7%, while raising its projection for 2027 by 1.0 percentage point to 5.5%, reflecting expectations of stronger medium-term economic momentum.