LONDON (Standard & Poor's) July 14, 2003--Standard & Poor's Ratings Services said today it assigned its 'A+' long-term local currency and its 'A' long-term foreign currency sovereign credit ratings to the Kingdom of Saudi Arabia. At the same time, Standard & Poor's assigned its 'A-1' short-term foreign and local currency sovereign credit ratings to the Kingdom. The outlook on the long-term ratings is stable. The ratings on the Kingdom are supported by: -- Macroeconomic stability. Despite several external shocks, the Kingdom has maintained stability in its highly open economy, in particular, a stable exchange rate, low inflation, and a sound banking system. The Saudi Arabian Monetary Authority (SAMA) has earned a good reputation as a banking supervisor with standards in
