The plunge in oil prices took a number of high-profile sovereign rating scalps on Thursday, including Nigeria, Mexico, Angola, Ecuador and Oman, although the architects of the slump, Saudi Arabia and Russia, were both spared.
The moves by S&P Global consisted mainly of one-notch downgrades, but it was the sheer number of cuts that caught the eye.
“We have lowered the ratings or assigned a negative outlook on some sovereigns because of their heightened risk to manage the fiscal and external shock resulting from lower prices in addition to the blow to economic growth as a result of the pandemic,” S&P said in a summary of its moves.
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