Standard & Poor's (S&P) affirmed Saudi Arabia's credit rating in local and foreign currency at "A/A-1" with an improvement in outlook from "stable" to "positive," according to its recently issued report.
In its report, S&P explained that its affirmation of the Kingdom's strong credit rating results from continued efforts in comprehensive reforms and investments, which will contribute to supporting the development of the non-oil economy and the sustainability of public finances.
S&P indicated its expectation of increasing growth in the non-oil sector in the Kingdom in the medium term as a result of its continued implementation of the initiatives of Saudi Vision 2030, with the prioritization of accelerating major infrastructure projects with the aim of easing pressure on public finances.
S&P expected that the Kingdom's gross domestic product (GDP) will continue to grow during the years 2024-2027, based on the remarkable growth in investments in the non-oil sector, the rise in consumption rates, and its expectation that the Kingdom will emerge in the long term as a more diversified economy, with more job opportunities for young people.
