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S&P gives thumbs up to Saudi credit rating

Staff writer |
Standard and Poor's has held its sovereign credit rating for Saudi Arabia, the world's top crude exporter, at AA-/A-1+ with a positive outlook.

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"In our view, Saudi Arabia's government and external balance sheets remain strong and provide an ample buffer to withstand external shocks, including a drop in oil prices," S&P said. "We are therefore affirming our 'AA-/A-1+' sovereign credit ratings on the Kingdom of Saudi Arabia." The positive outlook indicates that we could upgrade Saudi Arabia in the next year if we believe that the government has built on its achievements in private-sector development."

Standard and Poor's forecasts per capita income of $26,000 in 2014. Saudi Arabia, on the back of high oil prices, has announced a balanced budget for this year of a record $228 billion, up from $218.8 billion in 2013.

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