High oil prices help Gulf states weather regional turmoil

Major global credit rating agencies have maintained the sovereign ratings of key Gulf states despite the economic uncertainty caused by the war with Iran and disruptions in the Strait of Hormuz.

According to reports published by Investing.com citing data from Moody’s, Fitch and S&P Global Ratings, the agencies pointed to large sovereign wealth assets, strong financial reserves and elevated oil prices as factors supporting the region’s creditworthiness.

Qatar retained its Aa2 rating from Moody’s with a stable outlook, while Saudi Arabia kept its Aa3 rating and stable outlook.

The United Arab Emirates maintained its AA- rating from Fitch, and Kuwait retained its AA-/A-1+ rating from S&P. Bahrain also saw its B/B rating and stable outlook reaffirmed by S&P.