Saudi Arabia’s Ratings Upgraded; Outlook Revised to Stable

Ref : SA24CRA00-0 2 1 3 December 2024

Saudi Arabia’s Ratings Upgraded; Outlook Revised to Stable

Rating Action

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has upgraded Saudi Arabia’s Long-Term Foreign Currency Rating (LT FCR) and LT Local Currency Rating (LT LCR) to ‘AA- ’ from ‘A+’ . At the same time, CI Ratings has upgraded the sovereign’s Short-Term (ST) FCR and ST LCR to ‘A1+’ from ‘A1’. The Outlook on the ratings has been revised to Stable from Positive .

Rating Rationale

The upgrade reflect s Saudi Arabia’s improving economic resilience and capacity to absorb external shocks. This is attributable to the country’s very strong international liquidity , as well as declining – albeit still high – dependence on hydrocarbon production , supported by the rigorous implementation of structural reforms under Saudi Vision 2030. The upgrade also takes into account the…