Saudi Arabia’s Ratings Affirmed with a Stable Outlook

12 June 2026

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 ‘AA-’. 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 Stable.

Rating Rationale

The ratings reflect Saudi Arabia’s enhanced capacity to absorb external shocks, underpinned by the country’s very strong international liquidity position and large fiscal buffers which have remained largely intact, notwithstanding an extended period of voluntary oil production restraint under the OPEC+ framework, weaker international hydrocarbon prices in 2025 and, most recently, the severe logistical disruption caused by the effective closure of the Strait of Hormuz. The ratings also take into consideration the sovereign’s improving economic resilience, supported by the continued…