Moody's upgrades S Arabia's rating

Global credit ratings agency Moody's upgraded Saudi Arabia's rating to "Aa3" from "A1" on Friday, citing the country's efforts to diversify beyond its oil economy.

The world's leading oil exporter is investing billions of dollars to achieve its Vision 2030 plan, which focuses on reducing its reliance on oil and spending more on infrastructure to boost industries like tourism, sports and manufacturing. Saudi Arabia is also working to attract more outside investment to ensure its ambitious plans stay on track.

Last month, the country's investment minister sought to reassure investors at a conference in Riyadh that Saudi Arabia remains lucrative for investment despite a year marked by regional conflict. With lower oil prices and production, the government's earnings have decreased.