[hydrogonian]

Saudi Aramco IPO Could Raise $106 Billion for Wealth Fund

Quote:

Saudi Arabia’s sovereign wealth fund could receive $106 billion in cash from the sale to the public of a 5 percent stake in oil giant Aramco’s parent company, according to the Sovereign Wealth Fund Institute.

Fitch downgrades Saudi Arabia

Quote:

U.S. ratings agency Fitch has downgraded Saudi Arabia and kept its outlook on the oil-producing country as negative as the low price of oil continues to take its toll.

In a note issued Tuesday, Fitch dropped its credit rating from AA to AA-, warning that the low price of oil, which the ratings agency expects to continue for some time, will have "major negative implications for Saudi Arabia's fiscal and external balances."