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Saudi Arabia's creditworthiness was cut a level by Fitch Ratings, which said low oil prices were worsening public and external finances. Fitch reduced Saudi Arabia's rating to A, the fifth-highest investment grade, and changed the outlook to stable from negative, the agency said in a statement Wednesday. Both classify the kingdom two levels above S&P Global Ratings.Saudi Arabia, where more than 60 percent of government revenue last year came from oil, reported a 15 percent rise in the federal government budget deficit to 17.3 percent of economic output in 2016, Fitch said.
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