Fitch revises Saudi Arabia’s outlook to ‘negative’

Fitch Ratings revised Friday ts outlook on Saudi Arabia’s foreign and local currency issuer default rating (IDR) to “negative” from “stable,” citing lower oil prices and increased spending associated with the accession of a new king.

The agency, however, and affirmed the IDRs at ‘AA’.

Fitch said Friday it expects the general government deficit to widen to 14.4 percent of GDP in 2015.

Source: Reuters