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FINANCIAL NEWS
Fitch says Saudi long-term local, foreign currency IDR at AA-
03 Apr 2012
(MENAFN) Fitch Ratings said that it affirmed Saudi’s Long-term local and foreign currency Issuer Default Ratings (IDR) at AA-, with stable outlook, reported Reuters.
The agency added that the Kingdom’s Ceiling has been affirmed at AA and the Short-term foreign currency IDR at F1+.
It also said that in the current year, the general government fiscal surplus is forecasted to reach at least 12 percent of gross domestic product (GDP).
Moreover, Saudi economy is expected to expand by 4 percent, with risks to the upside as oil output may more than match last year’s levels.
It is worth noting that in 2011, Saudi real GDP growth rebounded to 6.8 percent, driven by a surge in oil production and fiscal stimulus.
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