A recent credit rating issued by Fitch International reflected the flexibility of the Saudi economy at this delicate stage, in which major economies are buckling due to the coronavirus pandemic. According to experts, the recent classification confirmed the safety and strength of the reforms that Saudi Arabia has undertaken, and the speed of precautionary measures that preserved the economic sector’s continued growth. Global agencies put Saudi Arabia’s long-term credit rating at “A” with a stable outlook. This has reflected the Kingdom’s financial strength, with exceptionally high foreign reserves and a low public debt ratio. Mohamed Al-Sayer, member of the Riyadh Chamber’s Council and head of the Securities and Investment Committee, said that Saudi Arabia’s rating was due to major factors, mainly the recent economic reforms that have had a positive outcome. All economic activities, particularly those related to oil, gas and petrochemicals, greatly support the sustainability of economic growth for the coming period, according to Al-Sayer. Regarding the budget deficit estimates, Al-Sayer said that the deficit mentioned by the rating agencies was the lowest on the international level. Reports by rating agencies issued earlier this week raised the estimates of real GDP growth in Saudi Arabia for the current year to 4.9 percent compared to 2 percent in their latest estimates made last October. The reports expected real GDP growth Saudi Arabia to reach 4.9 percent and 4.7 percent during 2020 and 2021, respectively. The rating agencies underlined that Saudi Arabia had large reserves and a long experience in extracting oil at the lowest costs, which gives the Kingdom a high degree of competitive advantage over other oil producers. In remarks to Asharq Al-Awsat, Economic Expert Dr. Louai Tayyar said: “These rankings are not surprising, given the strength and diversity of the Saudi economy, in addition to its a high sovereign return, which enabled the Kingdom to maintain economic stability despite the current conditions that have wreaked havoc on major countries.”