S&P Downgrades Oman’s Sovereign Rating to B+, Second Cut in 2020

S&P Global Ratings (S&P) has lowered Oman’s long-term foreign and local currency sovereign credit ratings to B+ from BB-, according to a statement issued on the 16th of October 2020. It has also affirmed Oman’s short-term ratings at B, with a Stable Outlook. Oman’s B+ sovereign rating, which was cut for the second time in 2020 by S&P, was attributed to restrained oil price growth and the impact of the COVID-19 pandemic on the country’s public sector finances.

The Stable Outlook reflects S&P’s view that the Government of Oman’s implementation of measures to lower fiscal deficits will slow down the increase in debt. S&P anticipates that the net Government debt will co...