Ratings Agency Fitch warned on Tuesday that a new wave of sovereign rating downgrades could be in the works if the oil slump continues, according to Reuters . In additional, multi-notch rating cuts may be expected for junk-rated oil and gas firms. The ratings of Saudi Arabia, Iraq, Oman, Nigeria, and Angola, which rely heavily on the price of crude oil and have a fixed exchange rate “are of course particularly vulnerable,” Jan Friederich, Fitch’s top Middle East and Africa sovereign analyst told Reuters. Even Saudi Arabia , with its sizable sovereign wealth fund, does not offer infinite immunity to the shock of low oil prices. Oman, too, struggling under a mountain of debt—and a $6.5 billion fiscal deficit—is already holding its hand out for more debt to the tune of $2 billion . Moody’s already cut Oman’s rating a notch last week to Ba2, prior to the oil […]