Moody’s confirms Saudi Arabia’s credit rating at “A1” with stable outlook

The rating agency Moody’s confirmed in its credit report to the Kingdom of Saudi Arabia its rating at “A1” with a stable outlook for the future.

A statement from the National Center for Debt Management in Saudi Arabia said the agency said in its report that its confirmation of the Kingdom classification is a result of the government’s continued development of fiscal policy and the ability to respond and adapt to oil price fluctuations, which demonstrates a commitment to monitor public finances and long-term financial sustainability.

The agency also suggested continuing the Kingdom’s positive real GDP growth of 5.0% in media in the period from 2021 to 2023, supported by further recovery from the Corona pandemic, in addition to notable progress in economic diversification, development and investment projects and limiting the decline in oil production.

In its report, Moody’s foresaw the Kingdom’s continued commitment to greater fiscal control in the medium term and to continue improving its spending policy and increasing its efficiency despite rising oil prices, which shows a more effective framework for the public fiscal policy.

Moody’s reports, with its recent assessments of financial institutions in the Kingdom of Saudi Arabia, reflect the positive impact of the Kingdom’s structural measures and reforms over the past five years, as well as tangible progress in improving the business environment, which positively influenced the effectiveness of fiscal policy and increasing the efficiency of government work.

Read More About: Business News