Moody's upgrades Oman

Moody's Investors Service said it raised Oman's local- and foreign-currency government bond ratings to A1 from A2. Oman's country ceiling for foreign-currency bank deposits also has been lifted to A1 from A2 and the country ceiling for foreign-currency bonds has been raised to Aa2 from Aa3. Oman's local-currency country ceilings remain at Aa2.

The outlook is stable.

The main driver of the rating change is the comparative strength of Oman's public finances within its rating peer group, Moody's said.

Despite a sharp fall in average oil prices in 2009, the agency said the Omani government has managed to keep its fiscal account close to balance.

Over the years, the government has accumulated a deep cushion of net financial assets that now imparts considerable fiscal flexibility, Moody's added.

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