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Saudi Arabia downgraded after budget surplus turns negative

IMF: Things are about to get worse for the Middle East

The oil crash is crushing Saudi Arabia's budget.

Standard & Poor's downgraded Saudi Arabia's credit rating on Friday.

The dramatic plunge in oil prices over the past 18 months has caused a "pronounced negative swing" in Saudi Arabia's financial picture, S&P warned.

The oil-rich kingdom has gone from a healthy budget surplus of 7% of GDP in 2013 to a projected deficit of 16% this year. S&P estimates that unless oil prices rebound meaningfully, Saudi Arabia will suffer deficits each of the next three years. A lower credit rating means that borrowing becomes...