Economic and social reforms will continue to improve Saudi Arabia's economic resilience and wealth levels. Oil production cuts in 2024 and an acceleration of Vision 2030 project implementation will lead to narrowing fiscal and external net asset positions, in our view. That said, we expect government liquid assets to remain strong, at about 70% of GDP by 2027. We therefore affirmed our 'A/A-1' unsolicited ratings on Saudi Arabia. The outlook remains stable. On March 15, 2024, S&P Global Ratings affirmed its 'A/A-1' long- and short-term foreign and local currency unsolicited sovereign credit ratings on Saudi Arabia. The outlook is stable. At the same time, we affirmed our 'A+' transfer and convertibility (T&C) assessment. The stable outlook reflects that we expect
