Moody's downgraded Saudi Arabia's credit rating due to oil-price slump

As reported by CTV news, Moody's Investors Service said Saturday that it downgraded Saudi Arabia's credit rating on the back of the long and deep slump in oil prices.

While the ratings agency also downgraded Gulf oil producers Bahrain and Oman credit ratings. It left ratings unchanged for other Gulf States including Kuwait and Qatar.

Saudi Arabia is the world's largest oil exporter. Moody's cut the country's long-term issuer rating one notch to A1 from Aa3 after a review that began in March.