We believe that growth fundamentals are strengthening in Saudi Arabia. The economy has expanded strongly and steadily, with real per capita GDP growth averaging 3.1% during 2005-2012. Non-oil sectors have been key contributors to the acceleration. We are therefore revising our outlook on the long-term sovereign credit ratings on Saudi Arabia to positive from stable. We are also affirming our 'AA-/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia. The positive outlook reflects our opinion that we could upgrade Saudi Arabia over the next 24 months if economic growth remains strong, helping to reduce the country's social challenges, including unemployment, and enhancing productivity and competitiveness. On May 29, 2013, Standard&Poor's Ratings Services revised
