Credit rating agency Standard & Poor’s (S&P) has raised its foreign and local currency long-term sovereign credit ratings for Saudi Arabia from A+ to AA-, the Arab News reported today.

S&P also raised the Kingdom’s local and foreign currency short-term ratings from A-1 to A-1+, and the country’s transfer and convertibility (T&C) assessment from AA to AA+.

“The upgrade primarily reflects Saudi Arabia’s extremely strong and rapidly improving external and fiscal positions,” Standard & Poor’s credit analyst Ben Faulks said in a statement, as quoted in the Arab News.

S&P had previously raised its long-term foreign currency credit rating of Saudi Arabia from A to A+ as a result of the Kingdom’s strong financial performance.

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