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Saudi Arabia Expresses Reservations on Fitch Report

Saudi Arabia Expresses Reservations on Fitch Report

Monday, 30 September, 2019 - 17:45
View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. Picture taken March 1, 2017. (Reuters)

Saudi Arabia's economy grew by 0.5% in the second quarter from a year earlier, government data showed on Monday as the Finance Ministry expressed reservations over rating agency Fitch downgrading the Kingdom’s credit rating.

The agency cut the rating to A from A+ on Monday.

The ministry said Saudi companies’ preservation of high ratings proves the efficiency of the Kingdom’s measures in developing its economy in line with Vision 2030.

It also reflects the efforts Saudi Aramco exerted in handling the terrorist attacks against its Abqaiq and Khurais oil facilities on September 14.

This proves its professionalism and competence in preserving global oil supplies in spite of the attack, it added. It also underscores the operational superiority and skills in managing this pioneering company.

The Kingdom managed to restore oil output capacity to 11.3 million bpd in September. It should reach 12 million bpd of capacity by November. Output capacity will reach 9.89 million bpd in October.

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