Saudi Arabia banks pointing to more bad news


Saudi Arabia, whose economy has taken a beating in recent months thanks to the crash in oil prices, just got some more bad news, and this time its related to the country’s banking sector.

Credit rating agency Moody’s announced on Wednesday morning that it is cutting the outlook for the Saudi banking sector from “stable” to “negative,” citing continued weakness in the price of oil, along with lower forecasts for GDP growth in the country, and falling public spending.

Read more on this in the source site, after the first two sentences. Click.. here.

Source Credits: Will Martin in Business Insider

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