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