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S&P gives Saudi economy positive rating after recovery

The agency also affirmed the long- and short-term foreign and local currency sovereign credit ratings to “A- / A-2”.
By TRENDS Desk
March 26, 2022 4:56 pm
  • The positive outlook reflects the improved GDP growth and public finances in the medium term, linked to the Kingdom’s recovery from the COVID-19 pandemic impact
  • The agency also expected that the Kingdom, in the medium term, will continue its policy to drive growth in the non-oil sectors through planned economic diversification

S&P has revised its outlook for Saudi Arabia from a stable to positive in the light of the recovery of the kingdom’s economy from the pandemic, driven by higher oil prices.

The agency also affirmed the long- and short-term foreign and local currency sovereign credit ratings to “A- / A-2”.

The positive outlook reflects the improved GDP growth and public finances in the medium term, linked to the Kingdom’s recovery from the COVID-19 pandemic impact, developments in the oil sector, and ongoing government reform programs.

S&P also expected that the Kingdom, in the medium term, will continue its policy to drive growth in the non-oil sectors through planned economic diversification, add more Saudis to the workforce, and increase the participation of women in the workforce to improve the work environment.

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