Riyadh – Mubasher: S&P Global Rating has affirmed the credit rating of Saudi Arabia at ‘A-/A-2’, with a stable outlook.
The stable outlook reflects S&P’s expectations regarding the kingdom’s ability to keep a steady economic growth in the coming two years, Reuters reported on Saturday.
The Saudi government will cut its spending to achieve balance in its 2023 budget, S&P said.
The international rating agency added that the major oil producer sought to decrease its dependence on hydrocarbon returns and expatriates.
