S&P confirms Saudi Arabia's credit ratings as "A/A-1" with stable outlook

Riyadh, September 16, 2023, According to a recent study, Standard & Poor's (S&P) has confirmed the Kingdom of Saudi Arabia's domestic and foreign currency credit ratings at "A/A-1" with a stable outlook. In its report, the agency stated that the kingdom's ongoing efforts to implement reforms in recent years and structural improvements that supported the sustainable development of the non-oil sector, in addition to efforts to manage public finances and maintain a balanced level of public debt, were factors that led it to confirm the kingdom's credit rating. The agency predicts that GDP will expand by 0.2% this year due to a decrease in oil production volumes and by 3.4% in 2024–2026 as a result of an increase in predicted oil demand in addition to the impressive expansion in the non-oil sector.

The Kingdom's Vision 2030, which aims to expand the non-oil sector by encouraging investment in economic diversification initiatives, empowering skilled Saudis rather than relying on a foreign labor force, and boosting the participation of women, is still being pursued by the government of the kingdom, according to the news agency.