Saudi Arabia – Ratings and Positive Outlook Affirmed
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Summary
Ref : SA 2 3 CRA00-0 1 23 June 2023
Saudi Arabia – Ratings and Positive Outlook Affirmed
R ating Action
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed Saudi Arabia’s Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) at ‘A+’ . At the same time, CI Ratings has affirmed the sovereign’s Short-Term (ST) FCR and ST LCR at ‘A1’. The Outlook on the ratings remains Positive.
Rating Rationale
The ratings take into account ongoing improvement s in the public and external finances , supported by high hydrocarbon prices and reflected in d eclin ing gross debt ratios and the strengthening of t he government’s net creditor position . The ratings remain supported by the country’s large fiscal and external buffers, sizeable oil reserves, and the relative soundness of the banking sector.
CI expects the authorities to continue implementing reforms as part…