Fitch elevates Oman to BB+

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

The outlook is stable.

Fitch said the upgrade reflects the use of high oil revenues to pay down debt and spread Oman’s maturity, spending restraint reducing external risks, and an increase in Fitch's oil price forecast. The upgrade also incorporates Fitch’s view that the government will not backtrack on recent fiscal consolidation measures.

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