S&P maintains A- rating for Saudi Arabia long-term debt

Standard & Poor's has affirmed an 'A-/A-2' rating for the Kingdom of Saudi Arabia and maintains that the outlook for the oil exporter is stable.

The outlook for the OPEC state is based on an expectation that the country's authorities will take action in order to prevent a further deterioration in its fiscal position in the next two years.

S&P believes the Saudi balance sheet will remain strong betwen 2016 and 2019, despite the sharp fall in oil prices in recent times.

The ratings company asserted that Saudi Arabia's outlook could have been more positive if it weren't constrained by limited public sector transparency and lower GDP per capita in comparison to similar states.

It predicts that the average annual rate of change in government debt over 2016-2019 will level out at around 5% of GDP.

Saudi Arabia appeared to reach a breakthrough with other OPEC nations last month to trim global oil production, in an attempt to drive flailing prices higher, but whether the deal will hold or not is still very much up for debate.