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Saudi Arabia: Ratings downgrade highlights kingdom’s vulnerabilities

Geopolitical tensions continue to have an impact on the Saudi economy, with Fitch Ratings downgrading the kingdom on 30 September, dropping its credit rating from A+ to A with a stable outlook. The agency said the decision reflected rising tensions in the region, the vulnerability of Saudi economic infrastructure and a continued deterioration in the country’s fiscal and external balance sheets. More specifically, the attack on the Abqaiq oil processing facility appears to have been a significant contributing factor.

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