Prudent economic and fiscal management. Strong government finances and external liquidity, with foreign exchange reserves and liquid external assets currently sufficient to cover just over 20 months of current account payments (including private transfers). An open economy with a stable exchange rate, moderate 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. Lack of transparency in the reporting of external assets. The sovereign credit ratings on the Kingdom of Saudi Arabia primarily reflect the government's strong external and fiscal positions. Net foreign assets sitting with the Saudi Arabian Monetary
