The credit rating organization Standard & Poor’s has upgraded Saudi Arabia’s long-term foreign currency credit rating from A to A+ on the basis of its excellent financial performance, the Arab News reported today. The move is a big boost to the Saudi economy.

S&P also maintained Saudi Arabia’s long-term local currency rating at A+ and short-term sovereign credit rating at A-1.

“The stable outlook reflects the balance between positive economic developments and the prospects for the success of the government’s ambitious and broad-based reform effort on the one hand, and escalating regional geopolitical risks on the other hand,” said Standard & Poor’s credit analyst Farouk Soussa in a statement on the company’s Web site.

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