Moody’s revises Oman to negative

Moody's Investors Service said it affirmed Oman's A1 government bond rating and changed the rating outlook to negative from stable.

Moody’s said the negative outlook was driven by uncertainty surrounding the effectiveness of the government's policy response to a multi-year period of low oil prices, which exert downward pressures on economic growth, government finances and the external payments position, especially if oil prices were to fall below our base case scenario.

The action does not affect Oman's foreign currency country ceilings, which remain unchanged at Aa3 for bonds and A1 for deposits. The short-term foreign currency ceilings are unchanged at Prime-1, and Oman's local currency country risk ceilings remain unchanged at Aa3.

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