Oman – Sovereign Ratings Affirmed; Outlook Remains Positive

21 August 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Oman’s Long-Term Foreign Currency Rating (LT FCR) and LT Local Currency Rating (LT LCR) at ‘BBB-’. At the same time, CI Ratings has affirmed the sovereign’s Short-Term (ST) FCR and ST LCR at ‘A3’. The Outlook for the ratings remains Positive.

Rating Drivers

The ratings reflect the improvement in the public finances, supported by the continued decline in central government debt levels and CI’s expectation that the central government will register a net creditor position in 2026, achieved through a combination of oil-financed surpluses, disciplined expenditure control, and active liability management. The latter has resulted in the retirement of expensive external obligations ahead of schedule and the lengthening of the maturity profile, and has been accompanied by a decline in the interest burden. The ratings also reflect the sovereign’s resilient…