This report supplements our research update "Ratings On Saudi Arabia Affirmed at 'AA-/A-1+'; Outlook Positive," published on Dec. 6, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings are supported by the very strong external and fiscal positions Saudi Arabia has built up over several years. By managing high oil revenues prudently, the government has virtually eliminated its general government debt, generating additional fiscal space for countercyclical policies. At the end of September 2013, foreign currency assets under the Saudi Arabian Monetary Agency's management amounted to $704 billion, close
