Moody's upgrades Saudi Arabia's credit rating, highlighting economic diversification success.

Moody's upgraded Saudi Arabia's credit rating to Aa3, citing progress in economic diversification efforts. The stable outlook reflects the country's growing non-oil sectors, expected to expand at one of the highest rates in the Gulf. Despite budget deficits and revised economic growth forecasts, Moody's notes potential risks from oil price fluctuations and regional geopolitical tensions.

November 22, 2024
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