SAUDI: Fitch downgrades, S&P affirms, GDP growth slows

GULF COUNTRIES - Report 30 Sep 2019 by Rory Fyfe and Justin Alexander

Fitch downgraded Saudi Arabia to A today, S&P affirmed it at A- on Friday. Moody’s has a review scheduled for 25th October. Even if Moody’s also downgrades, this is unlikely to delay an expected $10-20bn issuance in Q4, as the low global yield environment more than offsets the impact on pricing of country-specific factors. Meanwhile, Q2 GDP was released showing real growth slowing to 0.5% y/y, as oil output cuts offset the positive impact of stimulus on the non-oil private sector.

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