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.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
CFO/ Senior Financial Manager
Expertise: Accounting|Financial Analyst
Location: Carrizo Springs, TX
 
Sr. Accounting Specialist- Revenue, Severance Tax
Expertise: Accounting
Location: Houston, TX
 
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours