Riyadh - Mubasher: Fitch Ratings has downgraded Saudi Arabia’s long-term foreign and local currency issuer default ratings to "A+" from "AA-", with a stable outlook, according to a recent report.

KSA expects the public budget deficit to fall to 9.2% of the GDP in 2017 and 7.1% of the GDP in 2018.

The general government debt will rise to 14.5% of the GDP in 2018, according to Fitch, which added that it expects the non-oil sector to grow by 1.4% in 2017, supported by arrears payments in late 2016 and early 2017.

Fitch also said that it views the Saudi banking sector as strong and stable.

However, the Kingdom's geopolitical risks remain high relative to its "A" category peers, the report noted.