S&P affirms Saudi Arabia

Standard & Poor's said it affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Saudi Arabia at AA-/A-1+. The outlook is stable.

The transfer & convertibility assessment for Saudi Arabia is unchanged at AA+.

The agency said the ratings on Saudi Arabia are supported by S&P's view of the government's very strong external and fiscal positions, which have been built over a number of years.

S&P said the stable outlook balances its view of Saudi Arabia's exceptionally strong fiscal balance sheet and net external asset position against its underdeveloped institutions, its high dependence on oil windfall and its challenging demographic profile.

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