Stock - Riyadh skyline / Saudi economy / Saudi Arabia
Fellow rating agency S&P Global in March affirmed Saudi Arabia's sovereign rating and outlook. Image Credit: AFP

Riyadh: -The Global credit rating agency Moody’s has affirmed Saudi Arabia’s credit rating at 'A1' with a positive outlook.

In the report, the rating affirmation is based on Moody's assessment of the government's significant progress that achieved in implementing broad-based reform agenda since 2016 and the track record of macroeconomic and fiscal policy effectiveness that will support the sustainability of the economic diversification.

The agency also expects the continued implementation of large diversification projects in the Kingdom will support non-hydrocarbon real GDP growth as they are designed to be modular and commercialized in phases.

The agency also mentioned that the positive outlook is a reflection of the reforms and investments in various non-oil sectors that will, over time, lead to a material decline in the Kingdoms economic and fiscal reliance on hydrocarbons.

Moody’s also touched on the Kingdoms large economy, improving institutions and policy effectiveness, robust balance sheet and large foreign currency buffers.