RIYADH: Standard & Poor’s (S&P) affirmed the Kingdom’s credit rating in local and foreign currency at “A/A-1” with an improvement in outlook from “stable” to “positive,” according to its recently issued report. S&P explained that its affirmation of the Kingdom’s strong credit rating results from the Kingdom’s continued efforts in comprehensive reforms and investments, which will contribute to supporting the development of the non-oil economy and the sustainability of public finances, state news agency SPA reported on Saturday. S&P indicated its expectation of increasing growth in the non-oil sector in the Kingdom in the medium term as a result of its continued implementation of the initiatives of Saudi Vision 2030, with the prioritization of accelerating major infrastructure projects with the aim of easing pressure on public finances. S&P expected that the Kingdom’s gross domestic product will continue to grow during the years 2024-2027, based on the remarkable growth in investments in the non-oil sector, the rise in consumption rates, and its expectation that the Kingdom will emerge in the long term as a more diversified economy, with more job opportunities for young people and broader workforce participation. “We project stronger growth averaging 4.3 percent over 2025-2027,” S&P said in its report. However, the ratings agency cautioned execution risks could arise from a sharper fall in oil prices and volumes and the ensuing impact on public finances, tight supply, skills shortages, and developing basic infrastructure like housing.