RIYADH — Credit rating agency S&P Global affirmed Saudi Arabia’s credit rating at A+ with a stable outlook.According to its latest report, the affirmation with a stable outlook reflects the Kingdom’s strong policy flexibility, including its ability to shift crude oil exports to the Red Sea via East-West pipeline, in addition to its large oil storage capacity, showing that these act as a mitigant against the effects of the conflict in the Middle East.The agency highlighted that the outlook also reflects their view that non-oil growth momentum and the government's ability to prioritize should support the economy and fiscal trajectory. Non-oil expansion will continue to help medium-term growth, with a forecast real GDP growth of 4.4 percent GDP in 2026, and to average 3.3 percent in 2027-2029. The non-oil sector, including government activities now accounts for about 70 percent of GDP, up from 65 percent in 2018, reflecting structural progress driven by economic diversification efforts. The agency noted that, despite a projected increase in government debt, it expects the authorities to maintain robust fiscal buffers supported by a sizable net general government asset position. In addition, prior to the current geopolitical developments, the Kingdom had already taken the initiative to prioritize diversification projects linked to Vision 2030 to better align plans with available resources. They expect the Kingdom will continue to adopt a prudent and flexible approach in this regard, having stressed its commitment to achieving the goals of Saudi Vision 2030 without jeopardizing public finances.
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