MIDEAST STOCKS-Major markets fall on Saudi debt downgrade | Reuters:
"Major Middle Eastern stock markets
fell on Sunday after Standard & Poor's cut its rating of Saudi
Arabia's sovereign debt and maintained a negative outlook on it,
citing damage to state finances from low oil prices.
The downgrade will have almost no direct financial impact on
Saudi Arabia because the government and Saudi companies have
minimal foreign debt. The world's other two major rating
agencies, Moody's and Fitch, have higher ratings for the kingdom
than S&P.
But S&P's action fed into investor concern about the
long-term direction of Saudi finances in an era of cheap oil,
and about the fiscal tightening that Riyadh will probably have
to conduct next year to get its budget deficit under control."
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