Saudi Arabia’s credit rating has been downgraded by Fitch Ratings. This comes on the back of recent news of the attack on Aramco facilities last month. While, Fitch noted that Aramco recovered from the attack quickly, it says: there is a risk of further attacks, which could result in economic damage.

Apart from the attack, the ratings agency cited Saudi Arabia’s “continued fiscal deficits.” The deficit stems from increased state spending and lower average oil prices and oil production.

We speak to Jan Friederich, Head of Middle East and African Sovereign Ratings at Fitch Ratings on this matter.