Downgrades for oil producers likely if crude doesn't recover: Fitch
[LONDON] There are likely to be credit rating downgrades for oil producing countries if the price of crude doesn't recover, rating firm Fitch said on Thursday.
"If oil prices fail to recover from current lows, it is likely that there will be further ratings actions on oil-producing countries," Ed Parker, one of Fitch's top sovereign analysts said at a conference.
"What would it take for us to downgrade...Russia? It would really be more of the same - if oil prices fail to recover from current lows, if we see an even deeper and longer recession and we see more financial sector turmoil," he added.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Saudi Arabia hikes oil selling prices for all grades to Asia
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month