Riyadh – Mubasher: Fitch Ratings has downgraded Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'A' from 'A+', with a stable outlook, according to a statement.

The rating agency based its decision on the geopolitical tensions in the GCC, following the terrorist attacks against two of Saudi Aramco’s oil facilities on 14 September.

The Saudi Ministry of Finance expressed its disappointment over Fitch’s decision, maintaining that the countermeasures taken by the kingdom and Aramco in response to the attacks were not included in the agency’s report, Saudi Gazette reported.

However, the ministry added that Fitch would revise its decision “in the light of continuing stability within the supply to markets and the reactions and actions of the market participants and commentators.”