Credit rating agency Standard & Poor’s (S&P) has upgraded Saudi Arabia’s credit rating for both local and foreign currencies to A+ with a stable outlook, reflecting the country’s ongoing progress in implementing Vision 2030.
In its report, the agency explained that this positive assessment was driven by the continuous growth of the non-oil sector, the strengthening of the local capital market, and Saudi Arabia’s efforts toward economic diversification. These factors help mitigate the risks associated with rising foreign sovereign debt and support the country’s ability to service that debt in the future.
S&P also commended Saudi Arabia’s investment incentives, which are expected to further bolster the growth of the non-oil sector and enhance the resilience of the economy over the medium term. According to the agency, real GDP growth is expected to average 4% from 2025 to 2028.
In a similar move, Fitch confirmed Saudi Arabia’s credit rating at A+ with a stable outlook. Fitch also forecasted that the general government budget deficit will average 4.2% of GDP during the same period, due to transformative spending that drives economic diversification.
These upgrades reflect the notable improvement in Saudi Arabia’s institutional strength and the ongoing structural reforms that are supporting a sustainable economic transformation and unprecedented diversification. This reinforces the country’s financial position and economic resilience.
Source: Saudi Press Agency – “SPA”