Saudi Arabia’s Ratings Affirmed; Outlook Remains Positive Rating Action
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Summary
Ref : SA 24 CRA00-0 1 1 4 June 202 4
Saudi Arabia’s Ratings Affirmed; Outlook Remains Positive Rating 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 LT 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 reflect Saudi Arabia’s very strong external liquidity, underpinned by ongoing current account surpluses, a strong net external creditor position , as well as good access to international capital markets. The ratings also take into consideration the country’s strong public finances, supported by low central government debt and limited gross financing needs. The ratings remain supported by large fiscal and external buffers , which shield the sovereign from…