We have affirmed our sovereign credit ratings on the Kingdom of Saudi Arabia. The stable outlook reflects Saudi Arabia's exceptionally strong balance sheet and the government's success with its ambitious and broad-based reform effort on the one hand, and high regional geopolitical risks on the other. On Aug. 7, 2009, Standard&Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term foreign and local currency sovereign credit ratings on the Kingdom of Saudi Arabia. The outlook is stable. The Transfer&Convertibility (T&C) assessment on Saudi Arabia remains 'AA+'. The ratings on Saudi Arabia reflect our view of the government's extremely robust external and fiscal positions. Saudi Arabia currently enjoys an exceptional amount of fiscal flexibility to allow it
