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Standard & Poor’s cuts Oman’s credit rating

by ChemOrbis Editorial Team -
  • 23/11/2015 (11:59)
According to media reports, Standard & Poor’s (S&P) cut Oman’s long-term local and foreign currency ratings to BBB+ from A-, claiming that plunging crude oil prices will damage Oman’s fiscal and external balances more than they had previously expected. According to S&P, the country’s credit outlook is still negative.

S&P reportedly downgraded Oman’s ratings after Oman’s Finance Ministry released that the government’s budget deficit reached 2.93 billion rials ($7.62 billion) in the first nine months of 2015 compared a 136.1 million rial surplus in the previous year.

Previously, S&P had lowered Saudi Arabia’s credit rating one level to A+, the fifth-highest classification, from AA- for the same reason.
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