Saudi Arabia Downgraded by Standard & Poor

Saudi Arabia was Friday downgraded by S&P after seeing plunge in the price of oil for 18 months.
The country which moved from 7% budget surplus in 2013 to a deficit of 16% this year, may will suffer a deficit fro the next three years except oil price rebound said S&P.

The whole of the Middle East countries, who are dependent oil may suffer same faith.
Saudi Arabia currently derive 80% of its revenue from oil. The Country which for the first in 8 years sold bond worth $4 Billion, has also moved about $70 Billion from Asset management Firm, BlackRock in the last six month.  
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