Fitch Ratings has affirmed Saudi Arabia's long-term foreign and local currency Issuer Default Ratings (IDRs) at “AA-“ and revised the Outlook to Positive from Stable. In addition, Fitch has affirmed Saudi Arabia's Country Ceiling at “AA” and its Short-Term foreign currency IDR at “F1+”. The revision of the Outlook to Positive from Stable reflects the following factors:
• Tangible progress in addressing key potential sources of social stress. Employment of nationals in the private sector has jumped by 60 percent between May 2011 and February 2013 in response to labor market reforms and access to housing finance has improved.
• Fiscal and external buffers have been reinforced to among the strongest of all rated sovereigns at the same time as the government has maintained high levels of capital spending. Despite Fitch's expectations of lower oil prices and production, fiscal and external buffers are forecast to further increase in 2013 and 2014.
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