S&P Global Ratings has affirmed its A-/A-2 long- and short-term foreign and local currency sovereign ratings for Saudi Arabia.

The ratings agency also says that the kingdom’s outlook is stable. The outlook is based on S&P’s expectation that the authorities will continue to take steps to consolidate public finances and maintain government liquid assets close to 100 per cent of GDP over the next two years. The risks associated political changes in the kingdom are expected to be balanced by structural reforms that could make Saudi Arabia more attractive to investors.

On 4 November Riyadh launched an anti-corruption agency led by Crown Prince Mohammed bin Salam al-Saud. So far dozens of princes and former ministers have been detained and are being held at the Ritz Carlton hotel in Riyadh.

Riyadh recently released a budgetary statement for the third quarter of this year. Although still running a deficit of SR48.7bn ($13bn), the Quarterly Budget Performance Report shows that government revenues and expenditure have increased when compared to the third quarter of 2016.