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Saudi Arabia’s rating affirmed at ‘AA-‘

Saudi Arabia's Long-Term foreign and local currency Issuer Default Ratings (IDRs) have been affirmed by Fitch Ratings at "AA-," with 'Positive' outlook, Arab News has reported. The kingdom's Country Ceiling and Short-Term foreign currency IDR were also affirmed at "AA" and "F1+," respectively. "The rating is one of several assessments that confirm Saudi Arabia's solid macroeconomic picture. Debt is one of the lowest in the world which confirms the efforts of the Ministry of Finance to lower liabilities to the lowest bearable level," said John Sfakianakis, chief investment strategist at Riyadh-based investment firm, Masic.