S&P Global Ratings highlighted Saudi Arabia's strong credit flexibility due to its substantial government assets, despite fiscal deficits from its economic transformation program. The agency noted the Kingdom's critical role in global oil exports via the Strait of Hormuz and its infrastructure redundancy, which supports revenue stability. Geopolitical risks, particularly Iran-US tensions, could pressure Gulf credit ratings, but S&P maintains a stable outlook for GCC sovereigns. The report warns that regional instability and prolonged Hormuz disruptions may disproportionately affect countries with weaker financial buffers.
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