The agency also kept its transfer and convertibility assessment at ‘B’.
The reading remained below the 50.0 mark that signals expansion, though it stayed close to the survey’s long-term average of 48.2.
David Owen, Chief Economist at S&P Global Market Intelligence, stated: "The non-oil private sector recorded its strongest improvement in business conditions in over five years in November, indicating a strong end to 2025."
The PMI climbed to 49.2, up from 48.8 in September, signaling a near-steadying of business conditions.
The report noted that the non-oil private sector contracted for the sixth consecutive month in August, as weak demand continued to weigh on business activity.
