Executive Summary
- S&P Global Ratings on March 26,2020 revised the credit ratings for GCC countries due to COVID-19 spread and the oil price dispute between Saudi Arabia and Russia.
- Sovereign credit ratings unchanged for UAE (Abu Dhabi), Qatar and Saudi Arabia at 'AA', 'AA-' and 'A-' respectively.
- Kuwait's sovereign credit rating was downgraded to 'AA-' from 'AA' due to high dependence on oil revenues and slow reform progress.
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