Fitch revises Saudi outlook to 'positive'
Riyadh, March 21, 2013
Fitch rating agency has affirmed Saudi Arabia's AA-minus rating but said the country could see an upgrade in coming months because of progress in handling social stressors and strengthened budget buffers.
Fitch revised the country's outlook to positive from stable.
The country could get a one-notch upgrade if it makes more progress tackling unemployment and diversifying the economy or on measures to stem the rise in the breakeven oil price, Fitch said in a statement.
Saudi Arabia's attempts to reform its expatriate-heavy labour market have put more than 600,000 locals into jobs at private companies, a sharp increase over previous rates.
Moody's Investors Service rates the country Aa3 with a stable outlook. Standard & Poor's rates Saudi Arabia AA-minus with a stable outlook. - Reuters
More Finance & Capital Market Stories
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch