S&P Global Ratings affirms Saudi Arabia credit rating at A+ with stable outlook

Credit rating agency S&P Global maintains Saudi Arabia's credit rating at A+ with a stable outlook, as outlined in its latest report. The stable outlook reflects S&P Global's assessment that Saudi Arabia will be able to withstand pressures from the ongoing Middle East conflict, taking into account the Kingdom's diversified energy export infrastructure and substantial oil storage and refining capacity, both domestically and abroad.

The agency also noted continuing non-oil growth momentum and associated non-oil revenue, along with the government's ability to manage investment expenditure linked to Saudi Vision 2030, which should support the economy and fiscal trajectory. Despite the conflict, non-oil activity has remained resilient, driven by consumer spending.

S&P Global anticipates real GDP to contract by 0.9 percent in 2026 before rebounding by 8.2 percent in 2027, with an average growth rate of 3.3 percent in 2028-2029. The non-oil sector, now accounting for about 70 percent of GDP, has seen structural progress in economic diversification. The agency highlighted Saudi Arabia's substantial net general government asset position and the highest foreign-exchange reserves since early 2020, attributing these strengths to ongoing structural reforms and a prudent approach to Saudi Vision 2030 project implementation.