Fitch Ratings has recently upgraded its Saudi Arabia’s rating to "A+" with a stable outlook. The agency indicated in its report that this rating upgrade reflects the Kingdom"s strong fiscal and external balance sheets with large sovereign net foreign assets compared to ‘AA’ median and debt/GDP half of "A" medians. In its press release, the agency assumed the Kingdom will continue to progress with fiscal, economic and governance reforms while pointing to the Kingdom"s formidable foreign reserves with one of the highest reserve coverage ratios among Fitch-rated sovereigns. The agency also indicated the government"s strategic decision-making is being balanced between supporting Vision 2030 projects and responding to high inflation while remaining fiscally prudent. The agency forecasts a 5% growth in the non-oil private sector in 2023, to be followed by 4% growth during the 2024 to 2025 period. — SPA