In view of the sharp fall in international oil prices in recent months, we have significantly lowered our oil price assumptions for 2015-2018. Given its high dependence on oil, Saudi Arabia's currently very strong fiscal position could weaken owing to the oil price decline. We are therefore revising our outlook on the long-term ratings on Saudi Arabia to negative from stable and affirming our 'AA-/A-1+' ratings. The negative outlook reflects our view that Saudi Arabia's general government fiscal position is weakening. We could lower the ratings over the next two years if the government's liquid assets fall well below 100% of GDP or its overall fiscal performance significantly weakened by our estimates. On Feb. 9, 2015, Standard&Poor's Ratings
