We expect Saudi Arabia's external and government balance sheet positions will remain strong over 2016-2019. We are affirming our 'A-/A-2' foreign- and local-currency sovereign credit ratings on Saudi Arabia. The stable outlook is based on our expectation that the Saudi authorities will take steps to prevent any deterioration in the government's fiscal position beyond our current expectations, over the next two years. On April 8, 2016, Standard&Poor's Ratings Services affirmed its 'A-/A-2' unsolicited long- and short-term foreign- and local-currency sovereign credit ratings on the Kingdom of Saudi Arabia. The outlook is stable. The transfer and convertibility (T&C) assessment on Saudi Arabia is 'A'. The ratings on Saudi Arabia are supported by its strong external and fiscal stock positions,
