S&P Downgrades Saudi Arabia For Second Time In 4 Months, Also Cuts Oman, Bahrain
// Zero Hedge
For the second time in four months, S&P has downgraded Saudi Arabia.
In late October, the ratings agency flagged sharply lower oil prices and the attendant fiscal deficit (16% in 2015) on the way to cutting the kingdom to A+ outlook negative.
At the time, S&P projected the deficit would amount to 10% of GDP in 2016. That turned out to be optimistic as the shortfall is now projected to be around 13% and that's assuming crude doesn't fall below $30 and stay there.
Riyadh has cut subsidies in an ...
Inviato da iPhone