LONDON (Standard & Poor's) April 23, 2004--Standard & Poor's Ratings Services said today it 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. According to Standard & Poor's credit analyst Ala'a Al-Yousuf, the ratings on Saudi Arabia reflect the consolidated general government's favorable balance and net asset position, and strong external liquidity. "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," said Mr. Al-Yousuf. "Furthermore, its net asset position is expected to remain broadly stable at about 50% of GDP over the
