S&P lifts Oman

Standard & Poor's said it raised its long-term foreign and local currency sovereign credit ratings on the Sultanate of Oman to A from A-.

At the same time, the short-term sovereign credit ratings on Oman were raised to A-1 from A-2, the agency said.

The outlook is stable.

The upgrade of Oman is supported by the government's strong fiscal position, together with the country's solid external finances and increasing wealth levels, the agency noted, adding that the ratings on Oman remain constrained by a heavy economic dependence on hydrocarbons, by high unemployment among Omanis and by geopolitical tensions in the region.

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