A Moody's sign is displayed on 7 World Trade Center, the company's corporate headquarters in New York, February 6, 2013. PHOTO: REUTERS/BRENDAN MCDERMID
Fuel Fix: Russia leads list of oil producers at risk of Moody’s downgrade
The credit ratings of more than 10 oil producing nations in the developing world were placed on review for a downgrade by Moody’s Investors Service, which cited the shock of depressed oil prices on these economies.
The list includes Russia, Kazakhstan, Nigeria, Angola, Gabon and Trinidad and Tobago, according to statements released by Moody’s on Friday in New York.
Five of the six Gulf Cooperation Council nations — Kuwait, Saudi Arabia, the United Arab Emirates, Bahrain, and Qatar — were also put on review for a cut, Moody’s said, adding that it expects to complete its review within two months.
The ratings of Bahrain and Congo were downgraded in addition to being placed on review, while the credit outlook for Venezuela was lowered to negative from stable.
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WNU Editor: Their borrowing costs have just gotten higher.
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