Oman’s ratings cut for the second time in 2020 amid economic troubles

SourceArabian Business

Oman’s sovereign rating has been cut for the second time in 2020 by S&P Global Ratings as lower crude revenue and the virus pandemic take a heavy toll on the country’s finances. S&P took Oman a notch lower to B+, four levels into its non-investment grade scale, according to a statement. The outlook on the rating is stable. Essential food items, medical care, education and financial services will be exempt from the planned levy The Gulf nation had already been downgraded twice this year by both Moody’s Investors Service and Fitch Ratings. S&P’s rating is now one level lower than both Moody’s and Fitch. “Oman’s public sector finances, as indicated by the net debt level, will materially weaken over the next three years, notwithstanding the implementation of measures to reduce fiscal deficits, S&P said. more...