Riyadh, March 21, 2025 – S&P Global has upgraded Saudi Arabia’s local and foreign currency credit rating to A+ with a stable outlook.
According to the agency’s report, the rating upgrade reflects the Kingdom’s steady progress in economic diversification, sustained non-oil sector growth, and the expansion of the local capital market. These factors help mitigate risks associated with rising external sovereign debt, which is being strategically allocated to support Saudi Vision 2030 while effectively managing debt servicing costs.
S&P highlighted Saudi Arabia’s investment-driven strategies that enhance non-oil sector growth and economic resilience in the medium term. The agency projects an average real GDP growth of 4% from 2025 to 2028, with a fiscal deficit averaging 4.2% of GDP due to transformational spending aimed at accelerating diversification. The Kingdom is also expected to maintain a strong net asset position.
Saudi Arabia has received multiple credit rating upgrades in recent years, reflecting improved institutional strength and ongoing structural reforms. These advancements are driving economic transformation and diversification while ensuring fiscal sustainability and efficient financial planning, reinforcing the Kingdom’s robust and resilient fiscal standing.