Fitch lowers Saudi Arabia

Fitch Ratings said it downgraded Saudi Arabia's long-term foreign-currency issuer default rating to A from A+. The outlook is stable.

The agency said the downgrade reflects rising geopolitical and military tensions in the Gulf region, Fitch's revised assessment of the vulnerability of Saudi Arabia's economic infrastructure and continued deterioration in Saudi Arabia's fiscal and external balance sheets.

“Recent drone and missile attacks on Saudi Arabia's oil infrastructure resulted in the temporary suspension of more than half of the country's oil production,” the agency said in a news release.

“Although oil production was restored fully by end-September, we believe that there is a risk of further attacks on Saudi Arabia, which could result in economic damage.”

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