S&P trims Oman ratings

Standard & Poor’s said it lowered its foreign and local currency sovereign credit ratings on the Sultanate of Oman to A-/A-2 from A/A-1.

The outlook is stable.

Prices for crude oil in spot and futures markets have fallen by over 50% since June 2014. As a result, S&P has revised its oil price assumptions significantly downward for the period 2015-2018.

When S&P last reviewed its ratings on Oman, in December 2014, the agency expected Brent oil prices to average $80 per barrel (/bbl) in 2015 and $84/bbl in 2015-2018. S&P now assumes an average Brent oil price of $55/bbl in 2015 and $70/bbl in 2015-2018.

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