In our view, Saudi Arabia's per capita GDP will not increase enough for us to improve our assessment of its economic structure and growth prospects, as defined in our criteria, and given our downward adjustments to our medium-term oil price projections. Still, we consider that 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 revising our outlook on our long-term foreign and local currency sovereign credit ratings on Saudi Arabia to stable from positive. We are also affirming our 'AA-/A-1+' long- and short-term foreign and local currency ratings. The stable outlook reflects our view that Saudi Arabia will keep its very strong
