Moody’s reviews Saudi Arabia

Moody's Investors Service said it today placed Saudi Arabia's Aa3 issuer rating on review for downgrade.

During the review, Moody's will assess the extent of the impact of the further sharp fall in oil prices, which it expects to remain low for several years, on Saudi Arabia's economic performance, its government balance sheet, and its balance of payments in the coming years.

The agency said it expects to complete the review within two months.

Saudi Arabia is highly dependent on hydrocarbons to drive economic growth and to finance government expenditure. Oil and gas account for over 84% of goods exports and roughly 40% of GDP. They also provide around 62% of consolidated government revenues.

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