Saudi rating gets S&P jolt but financial markets barely blink

Dubai

SAUDI Arabia's financial markets barely blinked on Thursday after its debt was downgraded - a sign that a charm offensive by Saudi economic officials, and determined action against speculators, have bought it time in the eyes of many investors.

In the last few weeks, officials of the central bank and ministries of finance, economy and oil have met privately with groups of foreign bankers and analysts to discuss the kingdom's plans to cope with low oil prices.