Riyadh — Standard & Poor’s Global Ratings has affirmed Saudi Arabia’s credit ratings at “A-/A-2” with a stable outlook.

The stable outlook is based on expectations that the Kingdom will maintain moderate economic growth in the next two years, the agency said in a statement.

It said it expected Saudi Arabia to cut its budgeted expenditures to meet its target of a balanced budget by 2023, setting an ambitious strategy to reduce the economy's dependence on oil and foreign labor. — Agencies