Economics
Saudi Rating Gets S&P Jolt as Four Oil-Nation Credits Are Cut
- Saudi Arabia, Oman, Bahrain and Kazakhstan cut on oil selloff
- Impact of slumping crude `particularly acute' in Bahrain
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Saudi Arabia headed a list of oil-producing nations whose credit ratings were cut by Standard & Poor’s on Wednesday amid the collapse in crude prices.
The country’s credit grade was cut two levels to A- from A+ as the decline in oil prices will have “a marked and lasting impact” on the economy of the biggest OPEC producer. Oman’s was lowered to BBB- from BBB+, following a reduction in November. Kazakhstan is now rated BBB-, down from BBB, while Bahrain was lowered to BB from BBB-, putting it two steps below investment grade and the only one of the four to be rated junk.