S&P Boosts Saudi Arabia Outlook, Flags Possible Ratings Upgrade
- Outlook reflects Vision 2030 reforms to boost non-oil growth
- S&P says ratings upgrade is possible in next two years
A wall mural displays the '2030 Vision' logo in front of a row of residential properties in Dhahran, Saudi Arabia.
Photographer: Bloomberg
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S&P Global Ratings raised Saudi Arabia’s outlook to positive from stable and flagged the possibility for future ratings increases as the kingdom presses ahead with a massive economic overhaul aimed at diversifying revenues and boosting the non-oil sector.
“The positive outlook reflects the potential that the Saudi government’s wide-ranging reforms and investments will underpin the development of the non-oil economy while upholding sustainable public finances,” S&P analysts including Zahabia Gupta said in a report on Friday.