BAGHDAD / Obelisk: agency cut Standdrd & Poor's credit rating to Saudi Arabia to A + after the budget deficit widened in the UK because of the sharp drop in oil prices.
The agency said in a statement that its decision was based on the challenges facing the Kingdom to stop the rise in the fiscal deficit.
The agency did not rule out a further reduction of the credit rating for Saudi Arabia in the next two years if the UK failed to reduce the budget deficit significantly and viable.
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The agency said that Saudi Arabia's budget deficit reached 16 percent of gross domestic product this year, compared with 1.5 percent in 2014, due to the sharp drop in oil prices, which constitute the main source of revenue Kingdom.
And he proposed to reduce the deficit to reduce investment and support the abolition of the energy, water, and fuel prices.
Agency believes in the political situation, especially the political infighting over the succession, one of the reasons for the difficulty of making the tough decisions.
The agency had warned in February that there are indications destabilize Saudi Arabia's credit status because of the main dependence on oil revenues.
The price of a barrel of crude oil has fallen from $ 90 to below $ 50 between June September 2014 2015.
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