12.03.2013 - Middle East sovereigns show growing divergence, oil to average $112/b
All of Moody's-rated sovereigns in the Middle East and North Africa (MENA) have been affected by the global crisis and Arab Spring to varying degrees, but a clear divergence has emerged over recent years, with stable sovereign credit ratings among oil-rich countries and downward rating pressure facing those countries most affected by the Arab Spring, Moody's Investors Service said in a new report. Upheavals in Tunisia, Libya, Egypt, Syria and Yemen have shaken the region's social and political landscape, and conditions remain unsettled to varying degrees in the countries that experienced regime change. At the same time, oil-rich countries of the Gulf Cooperation Council (GCC) have ramped up social welfare spending to pre-empt discontent and address longstanding needs...............................................Full Article: Source
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