US credit rating agency Fitch has upgraded eight Saudi banks’ long-term issuer default ratings to “A-” from “BBB+,” with a stable outlook, according to a press statement.
In this regard, experts told Asharq Al-Awsat that the current account surplus of the Saudi economy over the last period, which exceeded $1 trillion in gross domestic product, in addition to foreign reserves, which remain stable at $459 billion, reflected positively on local banks and contributed to economic strength and financial stability.
