FINANCIAL NEWS

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.

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