Lower oil prices and Iran tensions sees Fitch cut Saudi rating

Fitch cuts Saudi Arabia to "AA-" - Outlook remains negative

• Country ceiling affirmed at "AA+"
• Tensions have risen between Saudi Arabia and Iran and are expected to persist
• Downward revisions of oil price assumptions has major negative implications for fiscal and external balances
• Fiscal reform measures will not prevent a substantial erosion of fiscal and external buffers during 2016/17