Reforms in the non-oil sector support Standard & Poor’s and Moody’s rating for Saudi Arabia

On Friday, Standard & Poor’s Global raised its sovereign rating of Saudi Arabia to A/A-1, pointing to the expected reform and diversification plans to support the development of the non-oil sector in the Kingdom and shift away from dependence on oil. Other rating agency Moody’s also said Saudi Arabia’s plans would provide a boost amid volatile oil prices and the global shift towards sustainable energy sources. Moody’s changed its outlook.