Saudi Arabia’s credit rating downgraded due to lower oil prices

FILE - This April 29, 2014, file photo, shows an Exxon sign at an Exxon gas station in Carnegie, Pa. Low oil prices have helped cost Exxon its pristine "AAA" credit rating from Standard & Poor's, a label it held for over six decades, S&P announced Tuesday, April 26, 2016. (AP Photo/Gene J. Puskar, File) FILE - This April 29, 2014, file photo, shows an Exxon sign at an Exxon gas station in Carnegie, Pa. Low oil prices have helped cost Exxon its pristine "AAA" credit rating from Standard & Poor's, a label it held for over six decades, S&P announced Tuesday, April 26, 2016. (AP Photo/Gene J. Puskar, File)

By Associated Press May 14, 2016 2 min read

NEW YORK (AP) – Saudi Arabia’s credit rating has been downgraded by Moody’s because of the long and deep slump in oil prices.

Moody’s Investors Service said Saturday that it also downgraded Gulf oil producers Bahrain and Oman. It left ratings unchanged for other Gulf states including Kuwait and Qatar.

Saudi Arabia is the world’s largest oil exporter. Moody’s cut the country’s long-term issuer rating one notch to A1 from Aa3 after a review that began in March.

Crude prices fell from more than $100 in mid-2014 to under $30 a barrel in February, although they have recovered into the mid-$40s. Benchmark international crude settled Friday at $47.83 a barrel.

“A combination of lower growth, higher debt levels and smaller domestic and external buffers leave the Kingdom less well positioned to weather future shocks,” Moody’s said in a note.