Moody's upgrades Oman to Baa1

Moody's Investors Service said it upgraded the country ceilings for the long-term foreign currency bonds and bank deposits of Oman to Baa1 from Baa2.

The government's long-term foreign currency and domestic currency issuer ratings were also raised to Baa1 from Baa2.

The country ceilings for short-term foreign currency bonds and bank deposits remain unchanged at Prime-2. Oman's local currency guideline remains at Aa2.

The outlook remains stable.

Moody's said the rating action acknowledges the significant improvement in Oman's economic fundamentals over the past several years. The continuing strong performance of the economy is apparent in the steady rise in GDP per capita in purchasing power terms.

Moody's said the primary constraints to Oman's rating remain the continuing reliance of the economy on hydrocarbons, a volatile export commodity, the long-term challenge of containing unemployment and the precarious regional geopolitical environment.

© 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.