{"id":83148,"date":"2024-02-06T00:00:00","date_gmt":"2024-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/06\/fitch-affirms-kingdoms-a-credit-rating-sees-private-sector-growth-at-4-5-in-2024-2025\/"},"modified":"2024-02-06T00:00:00","modified_gmt":"2024-02-06T00:00:00","slug":"fitch-affirms-kingdoms-a-credit-rating-sees-private-sector-growth-at-4-5-in-2024-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/06\/fitch-affirms-kingdoms-a-credit-rating-sees-private-sector-growth-at-4-5-in-2024-2025\/","title":{"rendered":"Fitch affirms Kingdom\u2019s A+ credit rating, sees private-sector growth at 4.5% in 2024-2025"},"content":{"rendered":"

We\u2019re still a A+ for Fitch:<\/strong> Ratings agency Fitch affirmed the Kingdom\u2019s credit rating of A+ on the back of a solid fiscal position and strong external balance sheet, including a positive debt-to-GDP ratio and strong sovereign net foreign assets, it said in a statement<\/a> yesterday. It left its outlook on Saudi at \u201cstable.\u201d<\/p>\n

Driving the decision:<\/strong> Fitch said the \u201cgovernment\u2019s debt-to-GDP [ratio] and sovereign net foreign assets are considerably stronger than both the A and AA medians.\u201d It also cited \u201csignificant fiscal buffers\u201d in deposits and other public sector assets.<\/p>\n

The weak points:<\/strong> The ratings agency said \u201coil dependence, low World Bank governance indicators and vulnerability to geopolitical shocks remain relative weaknesses.\u201d Still, governance is improving as policymakers push ahead with social and economic reforms and cabinet works to strengthen the effectiveness of state agencies and institutions. <\/p>\n

We\u2019re still very dependent on oil<\/strong>, Fitch writes (shocking, we know). The agency\u2019s forecast sees oil revenues accounting for c. 60% the state\u2019s income in FY 2024-2025. <\/p>\n

Non-oil, private-sector GDP will grow at a 4.5% clip in 2024-2025<\/strong>, it said, down a bit from c. 5% in the last fiscal year. Driving growth: continued investment by the government, reforms, and gradually lower interest rates. Strong credit growth, booming retail and tourism, and rising employment will be factors, it said. <\/p>\n

Rising spending on gigaprojects could be a medium-term risk: <\/strong>Rising government spending outside the budget as part of its Vision 2030 and a possible higher debt of state-owned and government-related entities could be a medium-term risk to to the Kingdom's balance sheet, Fitch said. \u201cHowever, leverage is currently low across the public sector and investments may bring returns<\/strong>\u201d by driving private-sector crowth and creating new jobs, it added. <\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch also cited \u201csignificant fiscal buffers\u201d in deposits and other public sector assets<\/p>\n","protected":false},"author":1,"featured_media":83149,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,307,754],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-fitch-ratings","tag-growth-projections","wpautop","entry"],"acf":{"mongo_id":"2c3cedb6-063a-42d8-b2e3-28d4fefa72c1","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/403.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fitch affirms Kingdom\u2019s A+ credit rating on robust fiscal, external balance sheets","related_issue":[83144],"teaser":"Fitch also cited \u201csignificant fiscal buffers\u201d in deposits and other public sector assets","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.96827358-8f8b-476e-aafe-93e67575d679.mp3"},"yoast_head":"\nFitch affirms Kingdom\u2019s A+ credit rating, sees private-sector growth at 4.5% in 2024-2025 - 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