S&P cuts credit ratings of five oil producing countries

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.