S & P lowers rating of Saudi Arabia to “A-” – Les Echos

October 31 (Reuters) – Standard & amp; Poor’s said it had downgraded the sovereign rating of Saudi Arabia to “AA-” to “A +”, citing a “pronounced downturn in” its budget balance.

The rating agency expects that the budget deficit of Saudi Arabia be increased to 16% of GDP in 2015, against 1.5% in 2014, following the fall in oil prices.

“The high dependence on hydrocarbon income and current expenditure without flexibility make public finances vulnerable Saudi Arabia” wrote S & amp; P in a statement. The perspective attached to the rating remains negative. (Sudarshan Varadhan in Bangalore, Juliette Rouillon for the French service)