Moody's affirms Saudi A1 ratings, maintains stable outlook

Moody's Investors Service affirmed on Friday Saudi Arabia's A1 rating and stable outlook, on expectations that fiscal consolidation will continue over the medium term, stabilizing the government’s debt burden below 30 percent of GDP.

The government’s ambitious structural reform agenda is expected to reduce the exposure of Saudi Arabia’s economy and public sector balance sheet to oil prices, the firm said.

The stable outlook indicates that the risks to the ratings are broadly balanced.

The government's reform program, including the plans to balance the fiscal budget by 2023, could over time offer a route back to a higher rating level, Moody’s added.