The plunge in oil prices took a number of high-profile sovereign rating scalps on Thursday, including Nigeria, Mexico, Angola, Ecuador and Oman, although the architects of the slump, Saudi Arabia and Russia, were both spared.
The moves by S&P Global consisted mainly of one-notch downgrades, but it was the sheer number of cuts that caught the eye.
“We have lowered the ratings or assigned a negative outlook on some sovereigns because of their heightened risk to manage the fiscal and external shock resulting from lower prices in addition to the blow to economic growth as a result of the pandemic,” S&P said in a summary of its moves.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The world is running out of tanks to store oil as coronavirus and price war lead to flood of crudeA fast-rising tide of crude oil — courtesy of a plunge in demand due to the global COVID-19 pandemic and an ill-timed price war between Russia and Saudi...
Read more »
Putin dons hazmat suit, as Russia admits virus numbers likely far higherThe photo-op came as Russian authorities for the first time acknowledged that the real number of novel coronavirus cases in Russia is likely significantly higher than the official figure.
Read more »
Turkey Indicts Two Saudis Tied to Crown Prince on Khashoggi Murder ChargesTurkish prosecutors have indicted 20 Saudi nationals, including two with ties to the Saudi crown prince, over the murder of dissident journalist Jamal Khashoggi in Turkey.
Read more »
Mexican government to suspend activities from ThursdayMexico's federal government will suspend all non-essential activities begin...
Read more »
Walmart's Mexico unit says CFO to step downWalmart de Mexico said on Tuesday that its chief financial officer Olga Gonzalez...
Read more »