Rating Agencies Economic News and Analysis

International Organizations | Macro | Rating Agencies

A Fund Working Paper Finds Sovereign Ratings Diverge From What a Simple Debt Model Implies
September 20, 2026

3 economists writing for the International Monetary Fund have compared the sovereign credit ratings of S&P, Moody’s and Fitch against what a simple model of debt and forecast primary balances would imply, and found that the ratings diverge from it in 3 specific ways. The paper was published on 18 September and runs to 48…

Read More A Fund Working Paper Finds Sovereign Ratings Diverge From What a Simple Debt Model Implies
Kuwait | Macro | Rating Agencies

Fitch Says Kuwait’s New Fund Borrowing Law Opens About 57 Percent of GDP in Financing Room
September 18, 2026September 19, 2026

Kuwait’s amended Future Generations Fund law, in force since 1 September, lets the government borrow from the sovereign wealth fund to support the General Reserve Fund, and Fitch Ratings said on 17 September that the change strengthens the state’s financing flexibility. Outstanding borrowing is capped at 10 percent of the fund’s audited net asset value,…

Read More Fitch Says Kuwait’s New Fund Borrowing Law Opens About 57 Percent of GDP in Financing Room
Rating Agencies | Saudi Arabia

S&P Cuts Saudi Arabia’s 2026 Growth Forecast by 5.3 Points and Holds the Rating at A+
September 12, 2026September 13, 2026

S&P Global Ratings affirmed Saudi Arabia’s long and short term foreign and local currency sovereign credit ratings at A+ and A-1 on 11 September 2026 with a stable outlook, and in the same release replaced the 4.4 percent growth it had forecast for the kingdom on 13 March with a contraction of 0.9 percent. That…

Read More S&P Cuts Saudi Arabia’s 2026 Growth Forecast by 5.3 Points and Holds the Rating at A+
Macro | Rating Agencies | UAE

S&P Holds the UAE at AA With Its Liquid Asset Buffer 40 Points of GDP Lower Than in March
September 6, 2026September 11, 2026

S&P Global Ratings affirmed the United Arab Emirates at AA long term and A-1+ short term, in both foreign and local currency, with a stable outlook, on 4 September. Nothing in the rating moved. The letter, the outlook and the AA+ transfer and convertibility assessment all stand where they were left on 6 March. The…

Read More S&P Holds the UAE at AA With Its Liquid Asset Buffer 40 Points of GDP Lower Than in March
Macro | Middle East | Qatar | Rating Agencies

Fitch clears Qatar’s Rating Watch and affirms AA while forecasting an 18.8 percent contraction
September 5, 2026September 11, 2026

Fitch Ratings affirmed Qatar’s long term foreign currency issuer default rating at AA on 4 September 2026 and removed it from Rating Watch Negative, where it had sat for 158 days, on our calculation. The Outlook is Negative. The agency simultaneously forecast that the Qatari economy will contract by 18.8 percent this year on lower…

Read More Fitch clears Qatar’s Rating Watch and affirms AA while forecasting an 18.8 percent contraction
EU | France | Macro | Rating Agencies

Fitch Affirms France at A+ With Stable Outlook as Debt Set to Reach 122.7 Percent of GDP by 2028
August 29, 2026

Fitch Ratings affirmed France’s long term sovereign credit rating at A+ with a Stable Outlook on 28 August 2026, even as it forecast French government debt climbing to 122.7 percent of gross domestic product by 2028, up from 115.7 percent in 2025 and, in the agency’s own words, more than double the median for countries…

Read More Fitch Affirms France at A+ With Stable Outlook as Debt Set to Reach 122.7 Percent of GDP by 2028
Jordan | Macro | Middle East | Rating Agencies

S&P Affirms Jordan at BB Minus With Stable Outlook as Aqaba Trade Volumes Rise 16 Percent
August 29, 2026

S&P Global Ratings affirmed Jordan’s long and short term foreign and local currency sovereign credit ratings at BB-/B on August 28, 2026, keeping the outlook stable. The agency said trade rerouting through the Red Sea port of Aqaba, where cargo volumes have risen 16 percent year on year in 2026, along with resilient remittance inflows…

Read More S&P Affirms Jordan at BB Minus With Stable Outlook as Aqaba Trade Volumes Rise 16 Percent
Rating Agencies

Fitch Affirms the United Kingdom at AA- With Debt Interest Running at Double the Peer Median
August 15, 2026August 15, 2026

Fitch affirmed the United Kingdom at AA- with a stable outlook on 14 August 2026, citing debt and debt interest to revenue each around double the AA peer median.

Read More Fitch Affirms the United Kingdom at AA- With Debt Interest Running at Double the Peer Median
Rating Agencies

Fitch Keeps the United States at AA+ and Sees Debt Reaching 123 Percent of GDP
August 14, 2026August 15, 2026

Fitch Ratings affirmed the long-term foreign-currency and local-currency issuer default ratings of the United States at AA+ with a stable outlook on 13 August 2026, leaving the rating where it has stood since the agency’s downgrade from AAA in 2023. Fitch attributes the rating to the size of the economy, high income per head, a…

Read More Fitch Keeps the United States at AA+ and Sees Debt Reaching 123 Percent of GDP
Rating Agencies

Fitch Affirms Kuwait at AA- With Net Foreign Assets Seen at 668 Percent of GDP
August 8, 2026August 15, 2026

Fitch Ratings affirmed Kuwait’s long-term issuer default ratings at AA- with a Stable outlook in a 7 August rating action, keeping the country among the highest-rated sovereigns it covers through a year of regional conflict and disrupted oil exports. The rating rests on what Fitch calls exceptionally strong fiscal and external balance sheets, anchored by…

Read More Fitch Affirms Kuwait at AA- With Net Foreign Assets Seen at 668 Percent of GDP

Rating Agencies

A Fund Working Paper Finds Sovereign Ratings Diverge From What a Simple Debt Model Implies

Fitch Says Kuwait’s New Fund Borrowing Law Opens About 57 Percent of GDP in Financing Room

S&P Cuts Saudi Arabia’s 2026 Growth Forecast by 5.3 Points and Holds the Rating at A+

S&P Holds the UAE at AA With Its Liquid Asset Buffer 40 Points of GDP Lower Than in March

Fitch clears Qatar’s Rating Watch and affirms AA while forecasting an 18.8 percent contraction

Fitch Affirms France at A+ With Stable Outlook as Debt Set to Reach 122.7 Percent of GDP by 2028

S&P Affirms Jordan at BB Minus With Stable Outlook as Aqaba Trade Volumes Rise 16 Percent

Fitch Affirms the United Kingdom at AA- With Debt Interest Running at Double the Peer Median

Fitch Keeps the United States at AA+ and Sees Debt Reaching 123 Percent of GDP

Fitch Affirms Kuwait at AA- With Net Foreign Assets Seen at 668 Percent of GDP

UAE Retail Treasury Sukuk Draws 445 Million Dirhams at 4.30 Percent

Fitch Affirms Saudi Arabia at A+ With a Stable Outlook, Citing Resilient Public Finances Through the Hormuz Disruption

A Fund Working Paper Finds Sovereign Ratings Diverge From What a Simple Debt Model Implies

Fitch Says Kuwait’s New Fund Borrowing Law Opens About 57 Percent of GDP in Financing Room

S&P Cuts Saudi Arabia’s 2026 Growth Forecast by 5.3 Points and Holds the Rating at A+

S&P Holds the UAE at AA With Its Liquid Asset Buffer 40 Points of GDP Lower Than in March

Fitch clears Qatar’s Rating Watch and affirms AA while forecasting an 18.8 percent contraction

Fitch Affirms France at A+ With Stable Outlook as Debt Set to Reach 122.7 Percent of GDP by 2028

S&P Affirms Jordan at BB Minus With Stable Outlook as Aqaba Trade Volumes Rise 16 Percent

Fitch Affirms the United Kingdom at AA- With Debt Interest Running at Double the Peer Median

Fitch Keeps the United States at AA+ and Sees Debt Reaching 123 Percent of GDP

Fitch Affirms Kuwait at AA- With Net Foreign Assets Seen at 668 Percent of GDP