MIDEAST STOCKS-Region falls after debt downgrades; Dubai builders slide | Reuters:
"Major Middle Eastern stock markets fell on Sunday after Moody's cut the debt ratings or outlooks of many countries, while Dubai construction firms dropped steeply after reporting first-quarter earnings.
Moody's lowered its ratings for Saudi Arabia, Oman and Bahrain while assigning negative outlooks to the United Arab Emirates, Oman and Bahrain.
Its rating of Saudi Arabia is still two notches above Standard & Poor's, but the action underlined continued pressure from low oil prices; negative outlooks were assigned to the United Arab Emirates, Kuwait and Qatar.
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