S&P Affirms Saudi Arabia at A+ With Stable Outlook

Saudi Arabia has retained its long- and short-term sovereign credit ratings at A+ / A-1 with a stable outlook, following the latest affirmation by S&P Global Ratings. The rating covers both local-currency and foreign-currency government debt, with the transfer and convertibility assessment set at AA-.

The A+ level was first assigned in March 2025 after an upgrade from A, and has since been affirmed several times, most recently on 11 September 2026, with the outlook remaining stable throughout. Senior unsecured sovereign debt is also rated A+.

The stable outlook reflects expectations that the Kingdom's fiscal buffers, export flexibility, and non-oil economic growth will help it withstand regional conflict and external shocks. The assessment credits ongoing economic and social reforms under Saudi Vision 2030, improvements in governance and institutional settings, and the continued deepening of domestic capital markets.

On growth, an earlier 2026 analysis had projected real GDP expansion of about 4.4% for the year. The September 2026 affirmation revised this to a contraction of around 0.9% for 2026, followed by a sharp rebound of roughly 8% in 2027 and average growth a little above 3% in 2028–2029. The rating also factors in the Kingdom's ability to reroute crude exports via the East–West pipeline to Red Sea ports, use storage capacity, and adjust oil production once regional tensions ease, alongside flexibility to modify public investment spending tied to Vision 2030.

The Kingdom is expected to keep sizable fiscal and external buffers and maintain a net external creditor position, despite sensitivity to oil prices and regional security risks. For residents and businesses, the affirmation is an external analytical assessment of the country's financial standing — it requires no application, no fees in SAR, and no procedural steps on any government portal.

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