Saudi Arabia – Outlook Revised to Stable

SA21CRA00-02 17 December 20 2 1

Saudi Arabia – Outlook Revised to Stable

Rating Action

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has revised the Outlook on Saudi Arabia ’s Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) to Stable from Negative . The sovereign’s LT FCR and LT LCR have been affirmed at ‘ A +’, while its Short-Term Foreign Currency Rating (ST FCR) and Short-Term Local Currency Rating (ST LCR) have been affirmed at ‘A1’ .

R ating Rationale

The revision of the outlook reflects improved prospects for the country’s public finances as a result of the strong rebound in global oil prices over the past year and the implementation of fiscal consolidation measures , as well as our expectation that oil product ion volumes will expand significantly next year . The government budget balance is forecast to improve markedly on the back of…