"Fitch" adjusted the outlook for Saudi Arabia to negative from stable

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"Fitch" adjusted the outlook for Saudi Arabia to negative from stable

 

      Saturday   22   August   2015 | 09:30

 

 

 

 

Result in lower oil prices and the associated increase spending to take over the new Saudi King "Salman bin Abdul Aziz," the reins of government, to the high budget deficit in Saudi Arabia

 

Saudi Arabia has large reserves of oil, and the production costs are low, making the ability to large production capacity.

 

 

Adjusted agency Fitch Ratings, the outlook for Saudi Arabia to negative from stable, and kept its credit rating when the class (AA). 
Fitch said in a statement that the amendment future outlook for Saudi Arabia to negative from stable due to expectations that the double financial shocks occur deterioration in the financial situation of the Kingdom . 
expects Fitch, to lead the decline in oil prices and the increase associated spending to take up the new Saudi King "Salman bin Abdul Aziz," the reins of government, to the high budget deficit in Saudi Arabia to 14.4% of GDP in 2015 
and see Fitch that the Saudi economy is heavily dependent on the Oil, which accounts for 90% of fiscal revenues, and 40% of GDP. The spending of oil revenues is the main driver of the non-oil economy. 
Fitch said that Saudi Arabia has large reserves of oil, and the production costs are low, making the ability to large production capacity.