Fitch cuts Oman credit rating for second time this year

Fitch cuts Oman credit rating for second time this year

DUBAI- Fitch Ratings has downgraded Oman's credit rating for the second time this year, bringing it down a notch to BB-minus from BB and keeping its outlook negative, the ratings agency said on Monday, citing the continued erosion of its fiscal and external balance sheets.One of the weakest economies in the hydrocarbon-reliant Gulf, Oman is a relatively small crude producer burdened by high levels of debt and is therefore more vulnerable to oil price swings than most of its wealthier neighbours.Fitch forecast a fiscal deficit of nearly 20% this year, up from 8% last year, saying that a 32% drop in revenue driven by lower oil prices and production more than offsets an 8% cut in spending.The agency expects Oman's average oil export price to be $45 a barrel in