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S&P Affirms Saudi Arabia’s A-/A-2 Credit Rating

September 30, 2021 News Bulletin

S&P Global Ratings has affirmed Saudi Arabia’s A-/A-2 credit rating with a stable outlook. The ratings agency credited a rise in oil prices, a wide-reaching vaccination rollout, and eased OPEC production quotas for the Kingdom’s expected rebound in economic growth between 2021 and 2024. S&P Global Ratings further expects Saudi Arabia’s deficit dropping from 11.2 percent to 4.3 percent from 2020 to 2021, a 6.9 percent decrease, while averaging 5.7 percent each year until 2024. Meanwhile, real GDP growth is expected to average 2.4 percent during the same period after shrinking 4.1 percent in 2020. 

Tags: diversificationeconomyGDPRatingsS&P
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