Kazakhstan's rating was lowered to "BBB" with a negative outlook from "BBB +". The agency downgraded Bahrain's rating to "BBB-" with a negative outlook from "BBB". Oman's rating was downgraded from "A" to "A-" with a negative outlook.International rating agency Standard & Poor's downgraded credit ratings of Kazakhstan, Bahrain and Oman on Monday amid a sharp drop in oil prices, a press release from the agency said.
According to the agency, the average price of North Sea Brent crude oil will make up $55 per barrel in 2015. The price of Brent oil will average $70 per barrel during the next three years.
In addition, the agency also downgraded the credit rating of Saudi Arabia to negative and affirmed it at "AA-".