Fitch assigns BBB ratings to Oman

Fitch Ratings said it published Oman's long-term foreign- and local-currency issuer default ratings at BBB with a stable outlook.

The agency also said it published the country ceiling at A- and short-term foreign- and local-currency issuer default ratings at F2.

The ratings reflect the country’s low public and external debt, strong balance sheet and high GDP per capita, Fitch said, balanced against its double-digit fiscal deficit and a very hydrocarbon-dependent budget and economy.

Its World Bank governance indicators are at the BBB median level, but are held back by low scores on “voice and accountability,” the agency said.

Fitch said it expects that external debt issuance and draw-downs from wealth funds to finance budget deficits will result in sovereign net foreign assets falling to 28% of GDP by 2018 from 48.5% of GDP at year-end 2016.

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