Fitch: Saudi ratings affirmed at AA-

Saudi Arabia's Long-term local and foreign currency Issuer Default ratings (IDRs) have been affirmed by Fitch Ratings at 'AA-', both with 'Stable' outlooks. The kingdom's Country Ceiling and Short-term foreign currency IDR were also affirmed at 'AA' and 'F1+', respectively. "The financing flexibility offered by the government's balance sheet - built up by saving past oil revenues - has enabled it to forge ahead with spending plans without raising borrowing," Fitch said.