OVERVIEW In our view, Saudi Arabia's strong government and external balance sheets provide the government with an ample buffer to withstand external shocks, including a drop in oil prices. We are therefore affirming our 'AA-/A-1+' sovereign credit ratings on the Kingdom of Saudi Arabia. The positive outlook reflects our opinion that we could upgrade Saudi Arabia over the next 18 months if economic growth remains strong, helping to raise per capita GDP levels. RATING ACTION On Dec. 6, 2013, Standard&Poor's Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom Of Saudi Arabia at 'AA-/A-1+'. The outlook remains positive. RATIONALE The ratings are supported by the very strong external and fiscal
