Standard & Poor’s raises the rating of Oman to BB

Standard & Poor’s raises the rating of Oman to BB

Muscat: Standard & Poor's has raised the rating of the Sultanate of Oman for the second time this year from BB- to BB with a stable outlook as a result of the improved financial performance of the state.

The rating has also been upgraded due to improved performance in the balance of payments due to the financial measures taken by the government within the framework of the medium-term financial plan and the rise in oil prices.

In its credit rating report for the Sultanate of Oman, issued today, the agency expects that the GDP growth rate is expected to reach approximately 4 percent in 2022 and 3 percent for the next year 2023.

In its report, the agency stated that the government of the Sultanate of Oman has made great efforts to reduce the public debt, benefiting from additional financial revenues, and expects a decline in the rate of public debt of the state as a percentage of GDP from 61 percent in 2021 to 44 percent in 2022.

The agency expects an increase in the revenues of the Sultanate of Oman during the next two years, and that the state’s general budget and current account will continue to achieve financial surpluses until 2024.

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