Gulf weekly: S&P downgrades Kuwait and Oman, and virus lockdowns intensify

GULF COUNTRIES - Report 27 Mar 2020 by Rory Fyfe and Justin Alexander

The weekly is a skimmable summary of key developments by country, overlaid with our analysis, the outlook and links to further information. Headlines include:

* Oil remained very weak, but a grand US-Saudi-Russia deal is unlikely to happen.
* Coronavirus cases more than tripled in Saudi and UAE, but growth slowed in other states.
* More intense closures were implemented, including curfews.
* S&P cut its oil assumption to $30, downgrading Kuwait and Oman and lowering Bahrain’s outlook. It affirmed Saudi, Qatar and Abu Dhabi.
* Saudi Arabia’s final 2019 fiscal outturn showed higher spending and revenue than the preliminary estimate, but a deficit close to the budget level.
* Turkey indicted 20 Saudis over the Khashoggi killing.
* The UAE increased its stimulus package.
* Emirates Airline cut salaries sharply.
* Oman ended talks over a possible $2bn loan.

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