HomeMagazine2016March 2016, Vol. 243, No. 3Weak Oil Prices Prompt Fitch to Cut Saudi Arabia's Rating

March 2016, Vol. 243, No. 3

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Weak Oil Prices Prompt Fitch to Cut Saudi Arabia's Rating

LONDON (AP) — Saudi Arabia suffered another credit ratings downgrade on Tuesday after Fitch lowered its view on the oil-rich kingdom in light of the fall in energy prices. In a note, Fitch said it was reducing its rating on Saudi Arabia by one notch to AA- from AA and warned that another downgrade was more likely than an upward revision by keeping its outlook on the country at “negative.” Fitch’s move follows a downgrade earlier this year from rival Standard & Poor’s. Fitch said the downgrade is largely due to its decision to cut its average oil price assumptions for this year and next to $35 a barrel and $45 a barrel. The benchmark New York crude oil rate is cu

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