Global credit agency Moody's affirmed, in a report, the credit rating of the Kingdom of Saudi Arabia at A1 with a positive outlook, based on the global agency's assessment of the Saudi government's efforts regarding the economic reform plan since 2016.
In addition, the agency said in its latest report that confirming the rating also depends on assessing Saudi efforts regarding the sustainability of economic diversification and the effectiveness of financial and economic policies. Moody's also expects the Saudi government to continue implementing more mega projects regarding diversifying the economy away from crude oil, which supports real GDP growth.
Moreover, Moody's Global explained that the positive future outlook for the Kingdom of Saudi Arabia's economy reflects the many reforms and investments in non-oil sectors, which will, over time, lead to reducing the Kingdom's financial and economic dependence on hydrocarbons.
