Fitch cuts Saudi credit rating citing 'rising geopolitical risk'

Rating agency Fitch downgraded Saudi Arabia's credit rating to A from A+ on Monday citing rising geopolitical and military tensions in the Gulf and a deterioration of the kingdom's fiscal position.

The downgrade – which places Saudi Arabia one notch above the assessment of peer rating agency S&P Global – is a blow to the largest Arab economy just as it is gearing up for a potential international sale of U.S. dollar denominated Islamic bonds.

Source(s): Reuters