S&P downgrades Oman to BBB+

Standard & Poor's said it lowered its long-term local and foreign currency sovereign credit ratings on Oman to BBB+ from A- and affirmed the short-term ratings at A-2.

The outlook is negative.

At the same time, the agency revised its transfer and convertibility (T&C) assessment on Oman to A- from A.

S&P projects a sharp increase in Oman's general government and current account deficits over 2015-2018, and expects that trend growth in real per capita GDP will remain materially below that of peers. These factors were included in the downside scenario of the agency’s previous review, and it therefore lowered the long-term ratings on Oman to BBB+.

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