Saudi Arabia Affirmed by Moody's on Fiscal Consolidation Effort - Bloomberg

Saudi Arabia Affirmed by Moody's on Fiscal Consolidation Effort - Bloomberg:

"Saudi Arabia’s sovereign credit rating was affirmed at A1 by Moody’s Investors Service on expectations that fiscal consolidation will continue over the medium term, stabilizing the government’s debt burden.

Moody’s expects the government’s ambitious structural reform agenda to "reduce the exposure of Saudi Arabia’s economy and public sector balance sheet to oil prices," according to the statement. The stable outlook indicates that the risks to the ratings are balanced, the agency said.

Saudi Arabia’s economy contracted 0.7 percent last year as the kingdom cut oil output and the private sector struggled with lower crude prices and rapid economic policy shifts meant to diversify and open up the oil-reliant economy."



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