Saudi Arabia's Rating Affirmed by S&P - Bloomberg

Saudi Arabia's Rating Affirmed by S&P - Bloomberg:

"Saudi Arabia’s credit rating was affirmed by S&P Global Ratings as its heir to the throne, Crown Prince Mohammed bin Salman, is on a three-week tour of the U.S. in search of deals that would diversify his country’s oil-dependent economy.

S&P affirmed Saudi Arabia’s rating at A- and kept the outlook stable. “We expect Saudi Arabia will experience modest economic growth from 2018, supported by rising government investment and, later in our forecast period, a gradual increase in oil production,” the agency said in a statement Friday.

Saudi Arabia’s economy contracted 0.5 percent last year after lower oil prices led to a ballooning budget deficit and shrinking reserves. The Crown Prince’s ambitious development plan -- Vision 2030 -- seeks to wean the country off oil while privatizing state-owned companies, including the sale of a stake of up to 5 percent in oil giant Aramco."



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