S&P affirms Saudi Arabia’s credit ratings on economic recovery and higher crude prices
- Date: 28-Mar-2021
- Source: The National
- Sector:Financial Markets
- Country:Saudi Arabia
S&P affirms Saudi Arabia’s credit ratings on economic recovery and higher crude prices
S&P Global Ratings affirmed Saudi Arabia's ‘A-/A-2' sovereign credit ratings on prospects of a robust economic recovery, aided by its strong net asset position and higher crude prices.
The stable outlook of the kingdom indicates that "we expect Saudi Arabia's government and [its] external net asset positions over the next two years [to] remain sufficiently strong to support the ratings”, the ratings agency said in a statement on Saturday.
The kingdom's fiscal and external net asset buffers, amassed during past years of high oil prices, will support its current ratings, according to S&P.
Real gross domestic product of Saudi Arabia, the world's largest