S&P Lowers Outlook on Saudi Arabia Due to Plunge in Oil Prices
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)
WHAT DO YOU THINK?
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.