In our view, Saudi Arabia's government and external balance sheets remain strong and provide an ample 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 positive outlook indicates that we could upgrade Saudi Arabia in the next year if we believe that the government has built on its achievements in private-sector development. On June 6, 2014, 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 remains positive. The ratings are supported by the very strong external and fiscal positions Saudi Arabia has built up
