The Kingdom of Saudi Arabia's flag

The credit rating agency, Standard & Poor's (S&P), affirmed Saudi Arabia's rating at “A-/A-2”, with Positive Outlook.

 

The agency stated that the rating was driven by higher global oil prices and increase in oil production, along with strong growth in non-oil sectors, which support the Kingdom’s financial and external standards.

 

The ongoing macroeconomic reforms in Saudi Arabia are expected to boost the economic production capacity, S&P noted, pointing out that the positive outlook reflects the relatively strong Saudi GDP growth.

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