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.
