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Moody’s holds Saudi rating steady

Published: Updated:

Moody’s said it would not change its risk rating on Saudi Arabia. The annoucement means that Moody's took a different stance to its rival Standard & Poor’s, which recently downgraded the kingdom.

In a recent report, Moody's said its credit rating of Saudi Arabia at Aa3 with a stable future outlook is supported by several factors of which the most important is the kingdom's financial and economic power.

The large oil revenues Saudi Arabia made during the past years helped it save huge financial surpluses which allow it to easily fund the budget deficit without this affecting the power of is financial status on the short-term.

The stable future outlook states that Moody's expectations are that Saudi Arabia will take enough measures to resolve deficit in the upcoming phase.