Fitch revises Oman outlook to stable

Fitch Ratings said it revised Oman's outlook to stable from negative and affirmed the sovereign's long-term foreign- and local- currency issuer default ratings at BB-.

The revision of the outlook reflects actual improvements in, and the expected evolution of, key fiscal metrics including government debt/GDP and the budget deficit, driven by higher oil prices and fiscal reforms, and a lessening of external financing pressures relative to recent years even as external funding needs remain high,” Fitch said in a press release.

The agency said it estimates Oman’s budget deficit narrowed to 3.4% of GDP in 2021, from 16.1% of GDP in 2020, likely helped by the spike in oil prices.

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