Standard and Poor’s Takes Negative Ratings Action Against 8 Saudi Banks

By Staff Writer Standard & Poor’s Ratings Services took negative rating actions on eight Saudi banks, citing increased economic risks as the main reason. The ratings agency, which has recently lowered the Kingdom’s ratings to ‘A+/A-1’, said the sharp drop in oil prices and the resulting negative swing in Saudi Arabia’s fiscal balance “will weaken

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KSA, S&P Spat Continues Over Ratings

By Staff Reporter DUBAI, Oct. 31 Saudi Arabia’s Ministry of Finance accused ratings agency Standard and Poor’s of acting “on an unsolicited basis” few hours after the agency downgraded the Kingdom’s credit ratings to A+ with a negative outlook. The ministry further challenged economic data provided by S&P, saying the Kingdom’s economy had already taken provisional measures to

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