S&P cuts Oman

S&P said it lowered its long-term foreign- and local-currency sovereign credit ratings on Oman to B+ from BB-.

“The downgrade reflects our view that Oman’s public sector finances, as indicated by the net debt level, will materially weaken over the next three years, notwithstanding the implementation of measures to reduce fiscal deficits. This is partly driven by our assumptions of restrained oil price growth and slow economic recovery from the Covid-19 pandemic,” S&P said in a press release.

The agency said it estimates gross government debt will rise to about 84% of GDP by end-2020 from 60% in 2019, while government-related enterprises debt will reach 43% of GDP from 30% during the same period.

The outlook is stable.

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