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RIYADH, May 2 (KUNA) — Moody’s credit ratings said Saudi Arabia’s rating was at (A1) while changing the economic outlook from stable to negative due to ramifications from the novel coronavirus.
Moody’s justified changing the economic outlook to negative to the valotile oil prices as a result of the coronavirus and uncertainty on how Riyadh would be dealing to address these impacts through balancing of debts and oil revenues, Saudi Press Agency (SPA) reported late Friday.
Saudi Arabia’s rating is supported by an active monetary policy which maintains a credible exchange rate of its national currency as well as financial and economic stability, said Moody’s.
Saudi Arabia’s financial policy has improved due to the structural financial reforms, said Moody’s.
The rating agency said the Kingdom’s diversification of non-oil economy could contribute to medium-term growth potentials.
Moody’s, said SPA, projected the public debts to be 38 percent of GDP in 2020.