MIDEAST STOCKS-Gulf markets rise on oil hopes, ignore debt downgrades | Reuters:
"Gulf stock markets rose on Thursday amid hopes for a global deal to prop up oil prices, as investors largely ignored sharp downgrades of the credit ratings of three nations in the region.
Late on Wednesday, Standard & Poor's cut Saudi Arabia by two notches to A- from A+, while Bahrain lost its investment grade status; Oman was lowered to the last rating above junk status.
The downgrades underlined the damage to state finances in the region from cheap oil, and the likelihood that governments will have to pay more in future to fund themselves. After the markets closed, the Bahrain government cancelled a $750 million bond sale in response to S&P's decision."
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