S&P Lowers Outlook on Saudi Arabia Due to Plunge in Oil Prices

Reuters

Feb 9 (Reuters) - Standard & Poor's lowered its outlook on Saudi Arabia to "negative" from "stable" as a result of the steep decline in oil prices.

The oil-rich country's fiscal position could weaken as a result of its dependence on oil, the ratings agency said.

"We view Saudi Arabia's economy as undiversified and vulnerable to a steep and sustained decline in oil prices," Standard & Poor's said in a statement on Monday. (http://bit.ly/1DUyOoG)

The ratings agency maintained its "AA negative" rating on Saudi Arabia's long-term credit.

(Reporting by Narottam Medhora in Bengaluru; Editing by Joyjeet Das)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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