S&P Global Rating affirms Saudi Arabia at ‘A/A-1’ with Stable Outlook

S&P Global Rating affirms Saudi Arabia at ‘A/A-1’ with Stable Outlook

The international credit rating agency, S&P Global Rating has affirmed its foreign and local currency sovereign credit ratings of the Kingdom of Saudi Arabia (KSA) at ‘A/A-1’ with Stable Outlook. The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom’s economic and social reform agenda in […]The international credit rating agency, S&P Global Rating has affirmed its foreign and local currency sovereign credit ratings of the Kingdom of Saudi Arabia (KSA) at ‘A/A-1’ with Stable Outlook.

The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom’s economic and social reform agenda in recent years that will improve the Kingdom’s economic resilience and will continue to underpin the development of the non-oil sector and fiscal receipts.

Due to the acceleration in non-oil sector investment and robust consumption in the Kingdom, the agency forecasted GDP growth to average 3.3 percent in the medium term.

The agency expects strong growth in construction for Saudi Vision 2030 projects and in the service sector, supported by consumer demand and an expanding female workforce. S&P also projects fiscal deficits of around 2 percent of GDP over the 2024-2027 period.

The agency