S&P Downgrades Saudi Arabia For Second Time In 4 Months, Also Cuts Oman, Bahrain

Wednesday, February 17, 2016
By Paul Martin

by Tyler Durden

For the second time in four months, S&P has downgraded Saudi Arabia.

In late October, the ratings agency flagged sharply lower oil prices and the attendant fiscal deficit (16% in 2015) on the way to cutting the kingdom to A+ outlook negative.

At the time, S&P projected the deficit would amount to 10% of GDP in 2016. That turned out to be optimistic as the shortfall is now projected to be around 13% and that’s assuming crude doesn’t fall below $30 and stay there.

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