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Bond Market News
Saudi Arabia Upgraded to Aa3 by Moody’s
November 25, 2024
Saudi Arabia was upgraded by a notch to Aa3 from A1 by Moody’s. The rating agency also upgraded KSA Sukuk Limited, the SPV owned by Saudi Arabia, to Aa3 from A1. The upgrade reflects the progress in economic diversification, with expectations that this momentum will continue, reducing Saudi Arabia’s reliance on oil in the long term. Growth in the non-hydrocarbon private sector is being supported by investments and private consumption. While services have been a key driver of non-hydrocarbon activity, efforts to develop Saudi Arabia’s mining and industrial sectors will also aid diversification. Recent fiscal adjustments and the reprioritization of diversification projects will strengthen the non-oil economy and preserve the sovereign’s balance sheet, according to Moody’s. The rating agency has a stable outlook on Saudi Arabia, reflecting a balanced risk profile, with a potential for faster diversification if private sector involvement increases.
Saudi Arabia’s bonds traded stable with its 5.25% 2034s at 101, yielding 5.11%.
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