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Saudi ratings affirmed as sound by S&P

Standard & Poor's Ratings Services has affirmed its long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia at 'AA-/A-1+' with 'Stable' outlook, Saudi Gazette has reported. "The ratings on Saudi Arabia are supported by our view of the government's very strong external and fiscal positions, which have been built over a number of years. By prudent macroeconomic management, the government has reduced its general government debt, generating additional fiscal space for countercyclical policies," S&P said.