Urgent “Standard & Poor’s” raises the Kingdom’s credit rating at “A+”

The Standard & Poor’s credit rating agency has raised the local and foreign currencies to “A+” with a “stable” future look.
The agency stated in its report that raising it to classify credit with a stable future view comes as a result of the Kingdom’s continuous progress in economic diversity, the escalating growth of the non -oil sector in the Kingdom and the development of the local capital market, which balances the risks of the high external sovereign debt invested in achieving the Kingdom’s 2030 vision and debt service costs.

The Kingdom’s credit classification

The agency praised the Kingdom’s mobility towards stimulating investment, which will enhance the growth of the non -oil sector, as well as enhance the elasticity of the economy in the medium term, and as a result, Standard & Poor’s expects that the average growth of real gross domestic product will reach 4% during the period 2025 – 2028 AD.
The agency expected that the average deficit of the state’s general budget will reach 4.2% of the gross domestic product during the same period, as a result of the transformational spending that contributes to advancing economic diversification, in addition to its expectation that the Kingdom will maintain a good situation for net external assets.
It is noteworthy that the Kingdom has achieved several promotions in its credit rating from international rankings during the past few years, as these developments reflect the improvement of the strength of institutions in the Kingdom, and the continued implementation of structural reforms, which contribute to enabling a successful economic transformation and unprecedented diversification of the economy, within the framework of financial sustainability and enhancing the efficiency of financial planning, which will contribute to supporting a strong and flexible financial center.