Saudi Arabia's credit rating is unlikely to be affected by a U.S. intelligence report released last week that Crown Prince Mohammed bin Salman approved an operation to assassinate journalist Jamal Khashoggi in 2018, S&P Global said.

Saudi Arabia's credit rating A-, like all sovereign ratings, includes an assessment of its institutional structure. This element is currently rated 4 on a grading system ranging from 1 to 6, with 1 being the best and 6 being the worst.

The explanation for the S&P rating mentions limited predictability of future policy responses due to highly centralized decision-making, as well as a relatively high risk of regional security, Reuters noted.

The recalibration of US-Saudi relations is unlikely to bring about any change in this assessment, S&P's top sovereign analyst for the Europe, Middle East and Africa region, Frank Gill, told Reuters.

Neither Moody's nor Fitch would comment on whether Washington's report would have any impact on their respective sovereign ratings of Saudi Arabia.

S&P's Gill added that the recent recovery in oil prices has benefited the world's leading oil producer. It could also gain further momentum this week if, as expected, OPEC agrees to begin easing production cuts due to COVID.

S&P's latest forecasts show that Saudi Arabia's debt will grow to about 46% of gross domestic product by 2023, up from 20% in 2019. The oil industry accounts for about 40% of the kingdom's economy.

This is very positive in terms of margins, Gill said, referring to the benefit from the jump in oil prices.