Credit rating agency Fitch has downgraded Saudi Arabia over the increase in diplomatic and military tensions in the region after the kingdom’s biggest oil processing facility was attacked.
Fitch said in a report it was cutting Saudi Arabia’s sovereign credit grade to A from A+ due to the tensions as well as broader weakness in the country’s finances.
The agency said it believed “there is a risk of further attacks on Saudi Arabia, which could result in economic damage”.
An attack on September 14 struck the world’s largest crude oil processing plant, which is in the kingdom’s east, taking out about 5% of the world’s daily production.
The Saudis said Iran was behind the attack, which Tehran denies.
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