Riyadh - Mubasher: Capital Intelligence Ratings (CI Ratings) has affirmed Saudi Arabia's Long-Term Foreign and Local Currency Ratings at 'A+' and its Short-Term Foreign and Local Currency Ratings at 'A1'.
Meanwhile, the ratings agency has revised the outlook from stable to negative, according to a recent report.
The change in outlook is mainly attributed to the decline in the Saudi Arabian Monetary Authority’s (SAMA) foreign assets.
The report has also taken into consideration reviewing oil prices and its implication on the growth of Saudi economy.
Although foreign assets decreased by 8% in the first ten months of 2017, to a total of $493 billion, compared to $536 billion by the end of 2016, Saudi Arabia still maintains huge net foreign assets that exceeds foreign debts by 400%.
CI Ratings expects Saudi economy to register slim growth from 2018 to 2019, at around 1.4%.
