Standard & Poor’s (S&P) confirmed its credit rating for Saudi Arabia in local and foreign currencies to “A/A-1” with a stable outlook in its recently issued report, Saudi Press Agency reported on Saturday.
The agency explained the confirmation came against the backdrop of Saudi Arabia’s continued efforts with notable reforms in recent years, and its achievement of structural improvements that contributed to supporting the sustainable development of the non-oil sector.
Saudi government efforts to manage public finances and maintain a balanced level of public debt also contributed to the rating.
S&P also expected the Kingdom’s gross domestic product (GDP) to grow by 0.2% during the current year, due to the decrease in oil production quantities, SPA added.
It also expected Saudi growth to increase at a rate of 3.4% during the years 2024-2026, based on the increase in the expected amount of orders for oil, in addition to the noticeable growth in the non-oil sector.