On April 23, 2004, Standard & Poor's Ratings Services affirmed its 'A/A-1' foreign currency and 'A+/A-1' local currency sovereign credit ratings on the Kingdom of Saudi Arabia. The outlook is stable. The ratings on Saudi Arabia are supported by: -- The consolidated general government's favorable balance and net asset position. The general government's balance shows surpluses estimated at 6.7% and 3.8% of GDP in 2003 and 2004, respectively, swinging into deficits of about 2% during 2005-2007, largely because of projected softening of oil prices. Its net asset position is expected to remain broadly stable at about 50% of GDP over the medium term. Underlying this, the general government's gross debt is expected to remain at about 22% of GDP, with
