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Ratings agency Fitch on Wednesday upgraded Saudi Arabia to 'A+' from 'A', citing country's robust fiscal and external balance sheets, including a favorable debt-to-GDP ratio and strong sovereign net foreign assets. Image Credit: AP

Riyadh: Saudi Arabia’s sovereign debt rating was raised to A+ by Fitch Ratings, which cited the country’s efforts to diversify its economy away from a reliance on oil sales and large reserves.

The upgrade reflects the kingdom’s “strong fiscal and external balance sheets” and “assumes ongoing commitment to gradual progress with fiscal, economic and governance reforms,” Fitch said in a statement.

The upgrade comes just days after the country led a group of oil producers in cutting production. Saudi Arabia recorded its first budget surplus in almost a decade in 2022, and is forecasting another surplus this year helped by high oil prices and rapid growth in the non-oil sector.