Fitch downgrades Oman to BBB-

Fitch Ratings said it downgraded Oman's long-term foreign-currency issuer default rating to BBB- from BBB.

The outlook is negative.

The country ceiling was also downgraded to BBB from A-.

“Oman's budget deficit will remain one of the largest among Fitch-rated sovereigns at an expected 12.8% of GDP in 2017,” the agency said in a news release.

“Although a recovery in oil prices has helped reduce the deficit from 21.4% of GDP in 2016, Fitch expects spending will again be higher than budgeted and will only show a low-single-digit decline.”

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