S&P cuts credit ratings of five oil producing countries
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, international rating agency Standard & Poor’s (S&P) cut the credit ratings of Saudi Arabia, Brazil, Bahrain, Oman and Kazakhstan, citing plunging crude oil prices. In early 2015, S&P had lowered its credit ratings for Saudi Arabia, Brazil, Russia and Venezuela for the same reason.
The agency reportedly downgraded Saudi Arabia’s rating a couple of levels to A- from A+ while Brazil’s rating dropped one level to BB from BB+. S&P lowered Bahrain’s rating to BB from BBB-, costing the country its investment grade status.
Meanwhile, Oman’s credit rating went down by two levels to BBB- from BBB+ while Kazakhstan saw its credit rating downgraded by one level to BBB- from BBB.
The agency reportedly downgraded Saudi Arabia’s rating a couple of levels to A- from A+ while Brazil’s rating dropped one level to BB from BB+. S&P lowered Bahrain’s rating to BB from BBB-, costing the country its investment grade status.
Meanwhile, Oman’s credit rating went down by two levels to BBB- from BBB+ while Kazakhstan saw its credit rating downgraded by one level to BBB- from BBB.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Vietnam PP market yet to respond to faltering upturn in China
- Turkey’s PE market stuck between weak fundamentals and up pressure from China
- Firming PP trend falters in China’s local market
- European players question if bottom is near for PE
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low
- Spot propylene moves in opposite directions in Asia and Europe
