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RIYAD: S&P Global Ratings revised upwards Oman’s credit outlook from stable to positive, expecting the Sultanate’s reform program to limit the increase in public debt in the coming years.
Oman’s credit rating has been confirmed at “B + / B”. S&P downgraded Oman’s long-term sovereign credit rating to B + from BB- in October 2020 due to the expected significant deterioration in public sector finances.
“The positive outlook indicates that we believe that Oman’s reform program and the increase in oil prices compared to 2020 will reduce budget deficits and slow the increase in net public debt over the next three years,” he said. writes Dubai-based credit analyst Zahabia Gupta. a rating note.
S&P has said it could raise its ratings on Oman over the next 12 months if planned fiscal reforms and stronger economic growth sustainably reduce fiscal imbalances and the stock of net public debt beyond current expectations. .
However, he could revise the outlook to stable if he sees risks to the implementation of budget reform that could reduce the government’s ability to maintain sustainable public finances, Gupta said.
S&P may also revise the outlook to stable if government external debt issuance
companies have increased the measure of the country’s external debt more than they currently hoped for.