Standard & Poor's confirmed its credit rating for Saudi Arabia at (A- / A-2) with a stable outlook, confirming that the Kingdom’s government seeks to Diversification of non-oil income sources.
The agency said, according to Reuters, that its stable outlook for the Kingdom reflects its expectations that the kingdom will maintain a pace of moderate economic growth in the next two years.
She added that the Saudi government will try to reduce government spending to achieve the budget budget goal by 2023.
The agency expected that the kingdom would strive to balance its public finances away from oil and gas, while reducing dependence on expatriate workers.
The agency also said that it does not expect that any challenges to Saudi foreign policy will have a significant impact on the local economy.
The agency emphasized that it does not expect that Saudi Aramco's acquisition of a large stake in SABIC Petrochemical Company will directly affect the financial position of the Saudi government.
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