US ratings agency Standard and Poor’s (S&P) has maintained Kuwait’s rating with a stable outlook, due to the country’s high levels of wealth and strong fiscal balance sheet.

The Gulf country’s long and short-term foreign and local currency sovereign rating remains at AA/A-1+.

Kuwait has been carefully managing its wealth, according to the ratings agency. Last year, the country increased its annual contributions to various funds managed by the Kuwait Investment Authority, including the Future Generations Fund and the General Reserve Fund.

S&P estimates the Kuwaiti government’s large net asset position stands at more than 2.5 times the country’s GDP in 2014.

The agency says the Gulf country’s undiversified economy, coupled with political tensions, will constrain any potential upgrades to the rating.

Kuwait held its third parliamentary election in 18 months in July 2013. The current parliament is far more diverse than previous parliaments, comprising representatives of liberal, Sunni Islamist and Bedouin tribes.

S&P expects the ruling Al Sabah family to remain in power, but forecasts that political tensions will likely slow down policymaking in the country.