Fitch Ratings has affirmed Saudi Arabia’s long-term foreign and local currency issuer default ratings (IDR) at AA, with outlook stable.

Fitch says that its rating reflects Saudi Arabia’s substantial external and fiscal buffers which provide key support at a time of lower oil prices. But it notes that sovereign and foreign assets have declined since peaking at 114% of GDP at the end of August and are expected to be drawn down in 2015-16. The net foreign assets however will remain at over 100% of GDP at end-2016. (CONTINUED - 309 WORDS)