“The upgrade reflects our assessment that economic diversification has continued to progress and the momentum will be sustained,” Moody’s said in the statement. “Continued progress will, over time, further reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition.”
Saudi Arabia’s sovereign rating was upgraded by Moody’s Ratings for the first time since the company first assessed the kingdom in 2016.
The ratings company took the kingdom’s creditworthiness up a notch to Aa3, its fourth-highest grade, according to a statement on Friday. The Moody’s rating is now above those of Fitch Ratings and S&P Global Ratings.
