Fitch downgrades Saudi Arabia's on rising geopolitical risk

Rating agency Fitch downgraded Saudi Arabia's credit rating to A from A+ on Monday citing rising geopolitical and military tensions in the Gulf and a deterioration of the kingdom's fiscal position.

The downgrade – which places Saudi Arabia one notch above the assessment of peer rating agency S&P Global – is a blow to the largest Arab economy just as it is gearing up for a potential international sale of U.S. dollar-denominated Islamic bonds.

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