S&P upgrades Saudi rating
08 May 2012
(MENAFN) Standard & Poor’s Ratings Services, in a sign of confidence in the Saudi market, set the Kingdom’s long and short term foreign and local currency sovereign credit ratings to AA-/A-1+, reported Arab News.
In addition, the world renowned rating agency declared the stability of Saudi transfer & convertibility assessment at AA+.
Analysts found the upgrading very promising for Saudi Arabia, as major economies are being taken aback by downgrades from both S&P and its rival, Moody’s.