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Saudi Rating Cut for First Time at Fitch on Lower Oil Prices

  • Rating already downgraded by Standard & Poor's, Moody's
  • Saudi stock market benchmark index maintains gains after move
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Saudi Arabia Rating Cut by Fitch

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Saudi Arabia’s credit worthiness was downgraded at Fitch Ratings after the plunge in oil prices.

The kingdom’s rating was lowered one level to AA-, the fourth-highest investment grade, the rating agency said on Tuesday. It maintained a negative outlook for the credit, signaling the possibility of more downgrades.