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FINANCIAL NEWS
Fitch affirms Saudi AA-minus rating, outlook revised to positive
21 Mar 2013
(MENAFN) Fitch announced that it has confirmed its AA-minus rating for Saudi Arabia, and upgraded its outlook from stable to positive, reported Arabian Business.
However, due to the improvement in dealing with social pressures and toughened budget shields, the ratings agency may upgrade the Kingdom’s rating in the next few months.
It added that in case the unemployment issue is handled in a better way, and if the country managed to diversify its economy or make a progress on measures to curtail the increase in the breakeven oil price, Fitch could upgrade Saudi rating by 1 notch.
It is worth noting that the Arab World’s biggest economy is reforming its expatriate-heavy labor market, with the government’s efforts managing to create over 600,000 job opportunities to nationals in the private sector, so far.
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