Moody's Maintains Saudi Arabia's 'A1' Credit Rating, Outlook Positive

KSA, 27 May, 2024 : International credit rating agency Moody's has affirmed Saudi Arabia's credit rating at "A1" with a positive outlook.

The rating reflects Moody's assessment of the Saudi government's significant progress in implementing a broad-based reform agenda since 2016. This track record of macroeconomic and fiscal policy effectiveness is expected to support the sustainability of economic diversification efforts.

Moody's anticipates continued implementation of large diversification projects in the Kingdom, which will bolster non-hydrocarbon real GDP growth. These projects are designed to be modular and commercialized in phases.

The positive outlook reflects reforms and investments in various non-oil sectors, which are expected to reduce the Kingdom's economic and fiscal reliance on hydrocarbons over time.

Additionally, Moody's highlighted Saudi Arabia's large economy, improving institutions and policy effectiveness, robust balance sheet, and substantial foreign currency buffers.

Source : www.mof.gov.sa