A decision by Standard & Poor's to cut Saudi Arabia's credit ratings is unjustified and ignores the strength of the kingdom's economy, the Saudi finance ministry said in a statement on Saturday.
"The Ministry of Finance strongly disagrees with S&P's approach to ratings management in this particular instance. We consider S&P's credit assessment reactionary, driven by fluid market factors rather than changes in the fundamentals of the sovereign," the ministry said in a statement carried by official news agency SPA.
"We believe that S&P's decision was not only rushed but analytically inconsistent with the idea of ratings being a medium-term tool meant to look through the cycle while assessing creditworthiness."
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"The Ministry of Finance strongly disagrees with S&P's approach to ratings management in this particular instance. We consider S&P's credit assessment reactionary, driven by fluid market factors rather than changes in the fundamentals of the sovereign," the ministry said in a statement carried by official news agency SPA.
"We believe that S&P's decision was not only rushed but analytically inconsistent with the idea of ratings being a medium-term tool meant to look through the cycle while assessing creditworthiness."
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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