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Fitch cuts Saudi Arabia's ratings to 'AA-' from 'AA'

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Fitch Ratings cut Saudi Arabia's long-term foreign and local currency issuer default ratings to 'AA-' from 'AA' with a negative outlook, amid weak oil prices.

[SAUDI ARABIA] Fitch Ratings cut Saudi Arabia's long-term foreign and local currency issuer default ratings to 'AA-' from 'AA' with a negative outlook, amid weak oil prices.

"The downward revision of our oil price assumptions for 2016 and 2017 to US$35/b and $45/b, respectively, has major negative implications for Saudi Arabia's fiscal and external balances,"the ratings agency said in a statement.

The rating cut comes at a time when many members of Opec and outside producers such as Russia are meeting in Doha, Qatar, on Sunday to discuss freezing output.

REUTERS

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