The Trader 

Market Outlook: Credit rating agencies warn of potential downgrades

The Trader

Yesterday S&P downgraded US department store Macy’s to BB+ - junk – because it felt the outlook for retail was ‘’competitive’’. Yesterday the same firm said that Bahrain and Oman might have to be downgraded if the viral outbreak last longer than expected, CNBC reports. This is because these countries have high fiscal breakeven oil prices and reduced oil demand beyond March would hit government budgets.

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