Fitch upgrades Oman

Fitch Ratings said it upgraded Oman's long-term foreign-currency issuer default rating to BB from BB-.

“The upgrade reflects significant improvements in Oman's fiscal metrics, a lessening of external financing pressures and ongoing efforts to reform public finances. Higher oil revenue will underpin budget surpluses in 2022 and 2023 and a sharp fall in government debt/GDP to below the BB median,” the agency said in a press release.

Additionally, Fitch said it forecasts budget surpluses of 5.5% and 3.4% of GDP in 2022 and 2023, respectively, Oman's first surpluses since 2013, as oil revenue growth easily exceeds added spending.

The outlook is stable.

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