The weakening sovereign ratings of countries in the Middle East are hindering investment.
In February, ratings agency Standard and Poor’s downgraded the sovereign credit ratings of several Gulf Cooperation Council (GCC) countries – in particular, Saudi Arabia, Bahrain and Oman – citing weak oil prices. The long-term credit rating of Saudi Arabia was slashed by two notches, from ‘A+’ to ‘A-‘, in the second downgrade by S&P since October 2015. S&P expects low oil prices will have a lasting impact on Saudi Arabia’s fiscal and economic indicators.
Log in or register for a free trial to continue reading this article
Already a subscriber?
If you already have a subscription, sign in to continue reading this article.Sign in
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up