S&P downgrades Oman

S&P said it lowered the long-term foreign and local currency sovereign credit ratings on Oman to BB from BB+.

The outlook is stable.

The agency also affirmed the short-term B foreign and local currency sovereign credit ratings on the sultanate.

The transfer and convertibility assessment on Oman was also lowered to BB+ from BBB-.

“Oman's large twin government and current account deficits, financed predominantly through external borrowing, are eroding the sultanate's traditional net asset positions,” S&P said in a news release.

“We expect that Oman's external debt will exceed its liquid external assets for the first time next year, with the gap widening over the period to 2020.”

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