The Fitch ratings agency downgraded the sovereign credit rating for Saudi Arabia from AA to AA- and maintained its negative outlook on the economy. Justifying the downgrade, the ratings agency said that oil prices are expected to stay at $35 a barrel in 2016 and inch higher to $45 a barrel in 2017, thus having a negative impact on Saudi Arabia's fiscal and external balances. The downgrade makes it more expensive for Saudi Arabia to borrow money. The Saudi deficit soared to 14.80% of its GDP in 2015, compared to a 2.30% deficit in 2014, largely due to the decline in oil prices. Fitch's downgrade comes after Standard & Poors cut the kingdom’s rating in February from A+/A-1 to A-/A-2 while Moody's has put Saudi Arabia on its 'downgrade' watch list. Saudi and other major oil producing nations are expected to meet on April 17th in Doha to attempt to reach an agreement on freezing oil production to stabilize prices.