The ratings on Saudi Arabia are supported by our view of the government's very strong external and fiscal positions, which have been built over a number of years. By prudent macroeconomic management, the government has reduced its general government debt, generating additional fiscal space for countercyclical policies. The ratings are constrained by underdeveloped public institutions and lower GDP per capita relative to similarly rated sovereigns, and limited monetary flexibility. We note that Saudi Arabia is making tangible progress in transparency and data availability, most recently with the inaugural publication of data on the country's international investment position. Saudi Arabia is riding the current oil boom wave from a position of strength thanks to a consolidation of economic policies that have
