Oman – Ratings Affirmed; Outlook Remains Positive
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Summary
Ref: OM 2 3 CRA00- 0 2 15 September 2023
Oman – Ratings Affirmed ; Outlook Remains Positive
Rating Action
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Oman’s Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) at ‘BB’ . The sovereign’s Short-Term (ST) FCR and ST LCR have been affirmed at ‘B’. T he Outlook for the ratings remains Positive.
Rating Rationale
The affirmation of the r atings and o utlook reflect s the significant decline in gross central government debt and CI’s expectation that fiscal and external balances will remain in surplus over the forecast period , with government and external debt returning to low levels in net terms. The improvement in the public and external finances remains supported by still favourable oil prices and more prudent fiscal and debt management policies , including the utilis ation of recent hydrocarbon…