RIYADH — Fitch Ratings has confirmed Saudi Arabia’s long-term foreign-currency issuer default rating at A+ with a stable outlook, highlighting the Kingdom’s solid fiscal position, strong financial reserves, and resilient economic fundamentals.

According to Fitch, Saudi Arabia continues to maintain one of the strongest credit profiles among countries in the ‘A’ and ‘AA’ rating categories. The agency pointed to the Kingdom’s low government debt, substantial sovereign net foreign assets, and sizeable fiscal buffers as key factors supporting its rating.

The report noted that Saudi Arabia’s economy has remained resilient despite ongoing regional geopolitical challenges, supported by steady growth in non-oil sectors and disciplined fiscal policies.

Fitch also emphasized the strength of the Kingdom’s banking sector, citing healthy capital levels, low non-performing loan ratios, and the absence of any need for central bank intervention during recent regional tensions.

Looking ahead, the agency expects Saudi Arabia’s real GDP growth to slow to 0.6% in 2026 before accelerating again in 2027, as maritime trade through the Strait of Hormuz returns to normal and oil and petrochemical production increases.

The report added that future economic growth will also benefit from the gradual implementation of the Kingdom’s giga-projects, continued investments by the Public Investment Fund (PIF), improving business confidence, and steady consumer spending.

Fitch projected that Saudi Arabia’s international reserves will remain strong, covering approximately 11.6 months of external payments in 2026, significantly exceeding the average level for countries with similar credit ratings.

The agency further stated that the Kingdom’s sovereign net foreign assets are expected to remain a major credit strength in the coming years, while the banking system is likely to continue benefiting from solid capitalization and sustained deposit growth.

Fitch concluded that Saudi Arabia’s ongoing improvements in governance, institutional effectiveness, and economic diversification continue to strengthen the country’s long-term credit outlook