S&P cuts credit ratings of five oil producing countries
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.
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