S&P cuts outlook on Saudi Arabia and Oman as oil rout continues | The National

S&P cuts outlook on Saudi Arabia and Oman as oil rout continues | The National:



"Weakened oil prices have resulted in Standard & Poor’s – which earlier warned of slower growth across the GCC – downgrading its outlook for Saudi Arabia and Oman.



S&P lowered its long-term outlook for Saudi Arabia’s rating to stable from positive, while Oman’s outlook dropped to negative from stable. The agency currently has Saudi Arabia with a rating of AA- and Oman with a lesser rating of A.



Saudi Arabia’s petroleum sector accounts for 44 per cent of its GDP."



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