Standard and Poor’s said it lowered its sovereign credit rating for Saudi Arabia because of the pressure from the long decline in crude oil prices. S&P lowered the sovereign rating for Saudi Arabia one notch from A+/A-1 to A-/A-2 because of lower crude oil prices, which the ratings agency said would have a “marked and lasting impact” on the kingdom’s financial position. “We now expect that Saudi Arabia’s growth in real per capita gross domestic product will fall below that of peers and project that the annual average increase in the government’s debt burden could exceed 7 percent of GDP in 2016-2019,” it said. Riyadh last month said there were some misconceptions about the overall economic backdrop in the oil-rich country, […]