RIYADH: Saudi Arabia’s sovereign rating was upgraded by Moody’s Investors Service for the first time since the company initially assessed it in 2016, driven by continued progress in the kingdom’s economic diversification and a better outlook for the non-oil sector.
The agency moved Saudi Arabia’s rating up a notch, to AA3 from A1, its fourth-highest grade, according to a statement late last Friday. The Moody’s rating is now above those of Fitch Ratings and S&P Global Ratings.
