February 9, 2015 / 7:27 PM / 3 years ago

S&P lowers outlook on Saudi Arabia due to plunge in oil prices

Feb 9 (Reuters) - Standard & Poor's lowered its outlook on Saudi Arabia to "negative" from "stable" as a result of the steep decline in oil prices.

The oil-rich country's fiscal position could weaken as a result of its dependence on oil, the ratings agency said.

"We view Saudi Arabia's economy as undiversified and vulnerable to a steep and sustained decline in oil prices," Standard & Poor's said in a statement on Monday. (bit.ly/1DUyOoG)

The ratings agency maintained its "AA negative" rating on Saudi Arabia's long-term credit. (Reporting by Narottam Medhora in Bengaluru; Editing by Joyjeet Das)

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