Global rating agencies have expected a greater growth for the Saudi economy.
Fitch and Moody's have affirmed Saudi Arabia's credit rating at A+ and A1 respectively, with a stable outlook.
This reflects the high level of confidence by global rating agencies in the Saudi economy on one hand, and the effectiveness of economic reforms taken by the Kingdom’s government on the other hand.
Credit ratings issued by global rating agencies provide important indicators for investors. Positive indicators prove the economy’s strength while demonstrating its vitality and effectiveness.
They commended the Kingdom’s non-oil revenue growth at 10.1 percent in 2018, which was driven by the Saudi financial reform program.
They noted that plans to diversify the Kingdom's economy away from oil are likely to contribute to the country's medium and long-term growth.
In this context, Saudi Arabia's Ministry of Finance has welcomed this rating.
Fitch Ratings maintained the Kingdom’s credit rating at A+ with a stable outlook on the back of the country’s financial strength, including foreign reserves, low public debt and large government assets.
