Friday 14/March/2025 – 11:48 PM
Standard & Poor’s Financial Services Ltd., the credit rating of Saudi issues in the long -term foreign and local currencies to A+ from A, with a stable future outlook, amid sustainable social and economic reforms.
In its report, the agency indicated that raising the credit rating reflects its belief that the ongoing social and economic transformation in Saudi Arabia is supported by improving the effectiveness of governance and institutional settings, including deepening local capital markets.
The agency emphasized that government measures aimed at stimulating investment and consumption will support the prospects for strong non -oil growth in the medium term.
The agency said: We see that the institutional settings in Saudi Arabia have become more powerful in the context of social and economic reforms and the transformation in light of the Vision 2030, and it is now compatible with most of the peers classified in the category “A”, according to the report of the credit rating institution issued on Saturday.
The Standard & Poor’s Financial Services agency raised its future view of Saudi Arabia’s credit classification to a positive from stable, last September, and confirmed its classification of the Kingdom’s publications in the local and foreign currencies on the short and long periods of A/A-1 and noted that the continuation of implementing the Vision 2030 initiatives will support the prospects for the strong growth of the non-oil economy in Saudi Arabia in the medium term.
The agency pointed out that amending its positive outlook reflects expectations that the widespread reforms and investments that the Saudi government implemented will enhance the development of the non -oil economy while maintaining the sustainability of public finances. She pointed out that it may tend to raise the Kingdom’s rankings over the current and next two years, as a result of reforms that led to a steady growth in the gross domestic product of the individual, supported by the continued momentum of non -oil growth.
