In our view, Saudi Arabia's government and external balance sheets currently remain strong and provide a 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 outlook remains negative, reflecting our view that Saudi Arabia's general government fiscal position is weakening. We could lower the ratings over the next two years if the government's liquid assets fall well below 100% of GDP or its overall fiscal performance significantly weakens, by our estimates. On May 1, 2015, 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
