Prudent economic and fiscal management Strong government finances and external liquidity, with foreign exchange reserves and liquid external assets in 2008 sufficient to cover over 30 months of current account payments (including private transfers) An open economy with a stable exchange rate, low inflation, and a sound banking system A narrow economy compared with higher-rated peers, with a strong economic and fiscal dependence on the hydrocarbons sector A relatively large state sector, providing the bulk of domestic investment and employment High geopolitical risks The sovereign credit ratings on the Kingdom of Saudi Arabia primarily reflect the government's strong external and fiscal positions. Driven by high oil receipts over the past few years and the cautious approach of the Saudi Arabian
