S&P Global Ratings affirmed Saudi Arabia’s sovereign credit ratings at ‘A-/A-2’ with a stable outlook.

 

The credit ratings agency said in a statement that the Kingdom’s strong net asset-stock position continues to be a major support for its ratings.

 

Meanwhile, the agency lowered its forecast for Saudi economy to shrink from 5% to 4.5% in 2020.

 

It also lowered its forecast for the deficit ratio in the Kingdom's budget this year from 12.6% to 11% of gross domestic product (GDP).

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