Fitch revises Saudi Arabia’s outlook to negative

Fitch Ratings revised its outlook on Saudi Arabia’s foreign and local currency issuer default rating (IDR) to “negative” from “stable,” citing lower oil prices and increased spending associated with the accession of a new king.

The agency, however, affirmed the IDRs at ‘AA’.

Fitch said on Friday it expects the general government deficit to widen to 14.4 per cent of GDP in 2015.