S-P Global rates Saudi Arabia as A-/A-2 with a stable outlook.Saudi Aramco's forthcoming listing on the local stock market could help strengthen the government's net asset position, with the proceeds potentially raising the kingdom's longer-term economic growth, S-P Global Ratings said.The world's most profitable company starts a share sale on November17 in an initial public offering (IPO) that may raise between $20 billion and $40 billion."The bulk of the funds raised will go to the government or the Public Investment Fund, potentially adding to the sovereign's already strong fiscal net asset position of 72.7% of GDP," S-P said in a note."Productively deployed, we believe the assets could also help maintain growth potential through our three-year ratings horizon."S-P Global rates Saudi Arabia as A-/A-2 with a stable outlook.
The agency said the ratings were constrained by high geopolitical risks, sizable fiscal deficits and the limited transparency of the kingdom's institutional framework and the reporting of government assets.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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