Moody’s turns Oman view to stable

Moody's Investors Service said it changed the outlook on the government of Oman to stable from negative and affirmed its long-term issuer and senior unsecured ratings at Ba3.

“The change of outlook to stable reflects the significant easing of government liquidity and external financing pressures, mainly as a result of significantly higher oil prices since the middle of 2020, and Moody's expectation that oil prices will average above $60/barrel during the next several years, increasing the likelihood that these pressures will remain contained. In Moody's baseline scenario, higher oil prices and ongoing implementation of the government's medium-term fiscal adjustment program will also underpin a steady decline in the direct government debt burden to the pre-pandemic level, restoring some of the lost fiscal space before the next shock,” the agency said in a press release.

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