Standard & Poor’s downgrades Oman’s credit rating to “BB-“

Standard & Poor’s downgrades Oman’s credit rating to “BB-“

The credit rating agency, Standard & Poor’s, has lowered the Sultanate of Oman’s credit rating to “BB-“, due to an increase in external risks and debt, with a negative outlook.

She said in a statement that the negative outlook for the Sultanate of Oman is a reflection of the possibility that the government’s plans to control and implement financial conditions may be insufficient to stop the increase in debt.

The agency added that the sharp drop in oil prices in 2020 will intensify financial and external pressures on the Sultanate.

The International Monetary Fund had expected that Oman’s economy would witness a 10 percent contraction in 2020.

The International Monetary Fund estimates that all Gulf economies, with the exception of Oman, are expected to return to growth next year, led by Saudi Arabia, whose GDP will grow 3.1 percent in 2021.

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