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S&P affirms Saudi Arabia’s rating at 'A-/A-2' with stable outlook

S&P affirms Saudi Arabia’s rating at 'A-/A-2' with stable outlook
The rating is supported by expected economic growth and high oil prices

Riyadh – Mubasher: S&P Global Ratings has affirmed Saudi Arabia’s ‘A-/A-2’ sovereign credit ratings with a stable outlook.

The rating agency expects the Kingdom’s government and external net asset positions over the next two years will remain sufficiently strong to support the ratings

Moreover, it noted that the stable outlook is supported by expectations for a strong economic recovery and higher crude oil prices.

As for the fiscal deficit, it is expected to decline to 5% this year, averaging 6.3% between 2021 and 2024, after rising to 11.2% last year due to the Coronavirus pandemic.

During the same period, the current account is expected to return to achieve a surplus of 4.8% in 2021 and average 3.8% of the gross domestic product (GDP).