Standard & Poor’s has upgraded Saudi Arabia’s rating to A/A-1 with a stable outlook.
In its report, the agency confirmed that the reform momentum in recent years has begun to lead to structural improvements in the economy and fiscal and debt management.
The agency expected the continued good capitalization of the Saudi banking sector.
The Kingdom’s classification in the agency is at the sixth highest level, on par with Chile and Iceland, with a stable outlook for the future, according to Bloomberg and Al Arabiya View.
This increase is based on Saudi Arabia’s continued reform momentum in recent years, as well as its leading role in global oil markets. The economy will continue to benefit from the Kingdom’s leading role as the world’s largest oil exporter.
Standard & Poor’s cited measures to stimulate economic growth in the non-oil sector, supported by non-oil investments led by the sovereign wealth fund, the expansion of the non-oil tax base, as well as significant social development, which will stimulate consumer demand. demand.
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