What do lower oil prices mean for credit ratings?

Saudi/Russia disagreement has had 'huge impact' on markets

Following the disagreement over production cuts between OPEC and other oil producers, which led to a broader collapse in oil prices after Saudi Arabia and Russia were unable to agree on a common approach, there appears to be some respite as oil has bounced off the lows to just over $30pb, at time of writing.

However, although Kremlin spokesman Dmitry Peskov said Russia is ready to talk 'especially in such dramatic times', Alexander Dynkin, president of the Institute of World Economy and International Relations in Moscow said "Putin is known for not submitting to pressure", adding that Putin is ready to "protect national interests and to keep his political image as a strongman".   This disagreement has had a significant impact on financial markets with US high yield paper particularly affected. Despite lower oil prices, there is a long-term strategy in the response from Saudi Arabia and Russia...