S&P raises Oman ratings

S&P said it raised its long-term foreign- and local-currency sovereign credit ratings on Oman to BB+ from BB.

“Despite a slowdown in real GDP growth this year due to voluntary oil production cuts, we expect growth to average about 2% over 2023-2026. Oman achieved a fiscal surplus of 1.8% of GDP in 2022, following eight years of sometimes substantial deficits. We expect ongoing fiscal surpluses to be maintained and average 1.4% over the period to 2024, supported by growth in government revenues and expenditure averaging about 3% and 4% respectively,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.