S&P Downgrades Saudi AGAIN, Says Oil Price Crash Will Have "Lasting Impact"

Standard & Poor's cut Saudi Arabia's credit rating two notches on Wednesday from A+ to A- as oil prices remain depressed. This move follows S&P's downgrade of Saudi last October to A+, the fifth-highest classification. The credit ratings of Bahrain (to BB from BBB-), Kazakhstan (to BBB- from BBB), and Oman (from BBB- to BBB+ were also cut.

When Saudi was downgraded in October, Brent was trading at about $50/bbl. On Wednesday, the global benchmark traded at a high of $34.76/bbl. S&P said in a Wednesday statement that the fall in oil prices “will have a marked and lasting impact on Saudi Arabia's fiscal and economic indicators given its high dependence on oil."

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