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Fitch: Khashoggi case will not affect Saudi rating

Published: Updated:

Rating agency Fitch said it is unlikely that its assessment of the kingdom’s credit risk would be affected by recent developments in the region and the killing of journalist Jamal Khashoggi.

Yields on Saudi bonds have risen since early October and the cost of insuring Saudi debt against default has increased by around 30 basis points, Reuters said.

It quoted Jan Friederich, head of sovereign ratings, Middle East and Africa at Fitch Ratings as saying that
the recent events “didn’t change the situation too much.”

Speaking at a conference in Dubai on Wednesday, he said that is unlikely that these events would “have an impact on Fitch’s rating,”

The kingdom is one of the main issuers of foreign debt across emerging markets, having sold $52 billion in U.S. dollar-denominated bonds since it started tapping the international debt markets in 2016.

Fitch last month affirmed its A+ rating of the country.