Fitch downgrades Saudi Arabia to 'A+'; Outlook stable

International ratings agency, Fitch Ratings has downgraded Saudi Arabia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'A+' from 'AA-', while keeping the outlooks stable.

The issue ratings on Saudi Arabia's senior unsecured foreign-currency bonds have also been downgraded to 'A+' from 'AA-'. 

The Country Ceiling has been downgraded to 'AA' from 'AA+' and the Short-Term Foreign and Local Currency IDRs have been affirmed at 'F1+'. 

Key rating drivers:

   •   continued deterioration of public and external balance sheets
   •   significantly wider than expected fiscal deficit in 2016
   •   continued doubts about the extent to which the government's ambitious reform programme can be implemented