Standard & Poor’s raised Saudi Arabia’s rating to A/A-1, while expecting the continued healthy capitalization of the Saudi banking sector.

Sources said that this is due to the great momentum of reform and the prospects for economic growth with a stable future outlook, reports Al-Rai daily quoting AFP.

The agency sources stated that the Saudi reform momentum in the past years began to lead to a structural improvement in its economy and its management of the budget and debt.

The agency indicated that it believes that the Saudi economy will continue to benefit from the leading role of the Kingdom as the largest single exporter of oil in the world.

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