Fitch Cuts Saudi Arabia Debt Rating After Attacks On Oil Facilities

Fitch Ratings has downgraded Saudi Arabia, citing vulnerabilities in the kingdom’s economic infrastructure after attacks on oil facilities this month knocked out half of its crude production, the Financial Times reported. The New York-based rating agency on Monday dropped Saudi Arabia’s long-term foreign currency issuer default rating to A from A+, with a stable outlook. Fitch said the downgrade followed the escalation in geopolitical and military tension in the Gulf as well as deteriorating fiscal and external balance sheets. “We believe that there is a risk of further attacks on Saudi Arabia, which could result in economic damage,” Fitch said. Read more