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Standard and poor’s cuts Saudi Arabia’s rating by two notches to A-

Standard and Poor’s cut Saudi Arabia’s credit rating by two notches on Wednesday

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Standard and Poor’s cut Saudi Arabia’s credit rating by two notches on Wednesday, saying low prices would have a considerable impact on the country’s finances and economy.

“In our view, the decline in oil prices will have a marked and lasting impact on Saudi Arabia’s fiscal and economic indicators given its high dependence on oil,” said the ratings agency in a statement.

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