S&P Reaffirms Saudi Arabia’s Rating at ‘A-/A-2’ with Stable Outlook

S&P Global Ratings has reaffirmed Saudi Arabia’s sovereign credit ratings at ‘A-/A-2’ with a stable outlook, saying that the country’s strong net asset-stock position continues to support its ratings. The agency also slightly improved its forecast for Saudi Arabia’s economy, revising its estimated contraction from -5% to -4.5% in 2020. It also lowered its forecast of the Kingdom’s budget deficit ratio this year from 12.6% to 11% of gross domestic product.