S&P Global on Friday kept Saudi Arabia’s long-term sovereign credit rating at A+ and its short-term rating at A-1, with a stable outlook, according to the review listed in the agency’s official records.
Oil prices and Vision 2030 projects
The long-term rating remains investment grade, indicating the kingdom’s strong capacity to meet its financial obligations, while the A-1 rating reflects a strong capacity to repay short-term obligations. The stable outlook indicates that the agency does not expect to change the rating over the foreseeable term, according to rating definitions.
The agency said Saudi Arabia’s diversified energy-export infrastructure, together with currently high oil prices, is helping the kingdom withstand pressures stemming from the conflict in the Middle East.
It added that recalibrating the pace of project implementation under Saudi Vision 2030 would help contain the fiscal deficit and curb the pace of government-debt accumulation.
S&P expects Saudi oil production to rise in 2027, but forecast that it would remain below the kingdom’s maximum stated production capacity of 12.3 million barrels per day.
Budget deficit and public debt
Saudi Arabia’s budget recorded a deficit of 160 billion riyals (42.7 billion dollars) in the first half of the year, after revenues reached 599.8 billion riyals (159.9 billion dollars), compared with expenditure of about 759.8 billion riyals (202.6 billion dollars).
A Finance Ministry report showed that public debt reached about 1.685 trillion riyals (449.3 billion dollars) at the end of June.
S&P had affirmed the same rating in its previous review in March 2026, citing the flexibility of economic policies, strong fiscal reserves, continued growth in non-oil activities and the government’s ability to sequence Vision 2030 projects in line with available resources.
