S&P maintains its A/A-1 grade for Saudi Arabia.

Saudi Arabia's foreign and local currency sovereign credit ratings were confirmed by international rating agency S&P Global Ratings at "A/A-1" with a stable outlook. According to the organization, the Kingdom's recent economic and social reform plan is what led to the affirmation. It's also a path that will strengthen the Kingdom's economic stability and maintain the growth of the non-oil industry and tax revenues. The agency projected medium-term GDP growth to average 3.3%, citing strong consumption in the Kingdom and acceleration of non-oil sector investment.

The organization anticipates robust expansion in the building industry for Saudi Vision 2030 projects as well as in the service sector, driven by rising consumer demand and a growing labor force of women. Additionally, S&P anticipates budgetary deficits of about 2% of GDP from 2024 to 2027. The Saudi Vision 2030 initiative has seen Saudi Arabia initiate a substantial and swift program of economic and social transformation, which has been commended by the agency.

The agency anticipated an increase in investment projects aimed at diversifying the economy away from its primary reliance on the upstream hydrocarbon industry and establishing new industries, like tourism, in the run-up to 2030.