Fitch cuts Saudi credit rating over oil price fall

Fitch Ratings on Tuesday lowered Saudi Arabia's long-term credit rating, saying the plunge in oil prices had "major negative implications" for the world's biggest crude exporter. The agency also noted increased tensions with long-time rival Iran and greater uncertainty over economic policy, now overseen by Deputy Crown Prince Mohammed bin Salman. Fitch downgraded the kingdom's credit rating to AA- from AA, which still denotes expectations of very low default risk.