S&P: Saudi Arabia to positive

Standard & Poor's said it revised the outlook on the long-term sovereign credit ratings on the Kingdom of Saudi Arabia to positive from stable.

The agency also said it affirmed the long- and short-term foreign- and local-currency sovereign credit ratings at AA-/A-1+.

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

The outlook revision reflects the possibility that the agency could upgrade Saudi Arabia during the next 24 months if economic growth remains strong, S&P said.

Continued growth would help to reduce the country's social challenges, including unemployment, and enhance productivity and competitiveness, the agency said.

Growth fundamentals have strengthened in Saudi Arabia, S&P added.

The ratings are constrained by the early development stages of the country's political institutions compared with most sovereigns in the AA category, the agency added.

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