Gulf weekly: Saudi rating downgraded; hints of possible Saudi-Iran talks

GULF COUNTRIES - Report 06 Oct 2019 by Rory Fyfe and Justin Alexander

​Fitch’s downgrade of Saudi Arabia to A, in the aftermath of the Abqaiq attack but still leaves its rating well above market-implied levels. The fact that Qatar’s GDP contracted for the first in 26 years is less dramatic than it sounds. There was also GDP data for Saudi (fine) and PMI data for Saudi (strong) and UAE (weak). On the political side, there were encouraging signs of indirect talks between Saudi Arabia and both Iran and the Houthi rebels in Yemen.

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