Weak oil prices prompt Fitch to cut Saudi Arabia's rating

LONDON (AP) — Saudi Arabia suffered another credit ratings downgrade on Tuesday after Fitch lowered its view on the oil-rich kingdom in light of the fall in energy prices.

Though lower oil prices hurt Saudi Arabia's immediate revenue stream, they also stand to drive many U.S. shale gas producers to the wall.

According to Fitch, the anticipated low oil price environment will have "major negative implications" for Saudi Arabia's financial position.