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HomeEconomyS&P Affirms Kingdom’s Credit Rating, Upgrades to Positive

S&P Affirms Kingdom’s Credit Rating, Upgrades to Positive

Strong reforms and investments drive non-oil sector growth under Vision 2030

September 14, 2024
in Economy
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Standard & Poor’s Affirms Kingdom’s Credit Rating, Upgrades Outlook to Positive

Standard & Poor’s (S&P) has confirmed the Kingdom’s credit rating at “A/A-1” for both local and foreign currencies, while upgrading its outlook from “stable” to “positive.”

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S&P attributes this strong rating to the Kingdom’s ongoing comprehensive reforms and investments, which are set to boost the non-oil economy and ensure the sustainability of public finances.

The agency anticipates growth in the non-oil sector due to the Kingdom’s continued implementation of Saudi Vision 2030 initiatives, particularly major infrastructure projects aimed at reducing pressure on public finances.

S&P projects that the Kingdom’s GDP will grow from 2024 to 2027, driven by increased investments in the non-oil sector, higher consumption rates, and a more diversified economy. This growth is expected to create more job opportunities and greater workforce participation.

We project stronger growth averaging 4.3 percent over 2025-2027, S&P stated.

Nevertheless, S&P warns of potential risks such as a significant drop in oil prices and volumes, which could impact public finances, as well as challenges related to tight supply, skill shortages, and the development of basic infrastructure like housing.

Tags: Credit Ratingnon-oil economyS&PVision 2030
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