S&P trims Oman view to negative

S&P said it revised its outlook on Oman to negative from stable and affirmed the BBB-/A-3 long- and short-term foreign and local currency sovereign credit ratings on the sovereign.

The outlook revision reflects that Oman’s fiscal consolidation could take longer than expected, S&P said.

“We meanwhile assume that government financing needs will largely be funded externally due to the sultanate's narrow domestic capital markets. As a result, the economy’s external debt could exceed its liquid external assets by more than we anticipate, thereby limiting buffers to offset external pressures,” the agency said in a news release.

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