Mubasher: Moody's Investors Service has assigned a provisional program rating of (P)A1 to the global Medium-Term Note (MTN) Program proposed by the Government of Saudi Arabia, according to a Wednesday's report.

The rating reflects the government's long-term issuer rating of A1, the report indicated.

The agency attributed this rating to being the program "direct, unconditional, and unsecured obligation of the Government of Saudi Arabia".

In addition, the notes are governed by English law and arbitration and no one thus shall have any right to enforce any term or condition of the Notes under 
the Contracts (Rights of Third Parties) Act 1999.

"Saudi Arabia's A1 issuer rating is supported by "Very High" economic and fiscal strengths, which, though weakened following the sharp drop in oil 
prices, still remain relatively strong", the agency added.

Moreover, KSA solid position in OPEC with the highest spare capacity makes it geopolitically important for the US and other industrialized nations.