Fitch has downgraded the kingdom's long-term foreign currency issuer default rating from A+ to A, the New York-based agency announced Monday. Its outlook remains stable.
"The downgrade reflects rising geopolitical and military tensions in the Gulf region, Fitch's revised assessment of the vulnerability of Saudi Arabia's economic infrastructure and continued deterioration in Saudi Arabia's fiscal and external balance sheets," Fitch said in a release. The downgrade comes roughly two weeks after the heart of the kingdom's oil infrastructure was hit by a drone and cruise missile attack that Riyadh and Washington have blamed on Iran.
The pre-dawn attacks on September 14 hit two of state oil giant Saudi Aramco's largest oil facilities, Abqaiq and Khurais, forcing the country to temporarily shut down roughly 50% of its output, or 5% of the global oil supply. The following Monday, international benchmarkrose as much as 19.5% to $71.95 per barrel at the open — the biggest jump on record — before paring gains.
"Although oil production was restored fully by end-September, we believe that there is a risk of further attacks on Saudi Arabia which could result in economic damage," Fitch said. "We have revised our assessment of the vulnerability of Saudi Arabia's economic infrastructure to regional military threats as a result of the most recent attack."
Source: Loan Digest (loandigest.net)
Dr_Ulrichsen Game over
The cost of withdrawing from the 2015 nuclear agreement. Americans didn’t vote for the POTUS who withdrew from it 😓💸
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia announces its first tourists visa, will let visiting women show their facesIntrepid travelers with a taste for luxury and conservatism may now visit the desert country, which is home to five UNESCO World Heritage sites. С Хашшоги что и как? Тело нашли? Why visit a Country that’s so barbaric that they execute a journalist on the orders of their leader?
Source: Newsweek - 🏆 468. / 52 Read more »
Saudi Arabia Opens Its Borders To Tourists But Not CannabisThe Kingdom of Saudi Arabia announced today that it would open up its borders and provide tourist visas upon arrival at the airport to 49 countries. Saudi don't want to rely on oil anymore. They opened up tourism. As long as its safe for women. Come for the sand ...stay for the oppression Who would want to go there?...they are murderers.
Source: Forbes - 🏆 394. / 53 Read more »
Saudi Arabia Opens Its Borders To Tourists But Not CannabisThe Kingdom of Saudi Arabia announced today that it would open up its borders and provide tourist visas upon arrival at the airport to 49 countries. better send UN military bases first Stay the f away 😒
Source: Forbes - 🏆 394. / 53 Read more »
Can Saudi Arabia become a tourist hotspot?Saudi Arabia recently announced visa-on-arrival for international visitors. Yet given recent controversies, will this Middle Eastern destination ever truly become a tourist hub? One word, YES nothing says relaxing holiday like the chance of dismemberment if you do something the locals don't approve of. No.
Source: CNN - 🏆 4. / 95 Read more »
Yemen's Houthis say attacked Saudi border frontline, no immediate Saudi confirmationYemen's Houthi movement said on Saturday it had carried out a major attack ... The Apache is waiting ⚔️ Why are muslim country affected with violence and terrorism with out some These are Iranian militias
Source: Reuters - 🏆 2. / 97 Read more »
Yemen's Houthis say attacked Saudi border frontline, no immediate Saudi confirmationYemen's Houthi movement said on Saturday it had carried out a major attack ... Yemen needs to destroy Saudi Arabia Iranian terrorists This is all really need to grow up & resolve your differences.
Source: Reuters - 🏆 2. / 97 Read more »