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.
These were the details of the news Standard & Poor’s downgrades Oman’s credit rating to “BB-“ for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.