Fitch downgrades Saudi Arabia's rating

Fitch Ratings cut its assessment of Saudi Arabia's credit quality, citing deterioration of state finances due to low oil prices and doubts over whether Riyadh can achieve its economic reform plans.

Fitch downgraded Saudi Arabia by one notch to A+ with a stable outlook from AA- with a negative outlook. It said that that while the leadership was strongly committed to diversifying the economy beyond oil, that intention might not be enough.

"In Fitch's view, the scale of the reform agenda risks overwhelming the government's administrative capacity," the ratings agency said in a statement.

Saudi Arabia's foreign assets have declined 7.7% to $555 billion between June 2016 and January 2017.