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Sunday, 14 May 2017

S&P cuts Oman debt to junk as cheap oil shrinks external reserves | Reuters

S&P cuts Oman debt to junk as cheap oil shrinks external reserves | Reuters:

"Standard & Poor's cut Oman's credit rating to junk on Friday, saying low oil prices had eroded the country's external reserves to the point they could no longer offset the threat of low oil prices. The downgrade made Oman the second of the Gulf's wealthy oil-exporting states to drop below investment-grade because of cheap crude. Bahrain was last year cut to junk status by all three of the major credit ratings agencies. S&P said on Friday that it was lowering Oman's sovereign rating by one notch to BB+ from BBB- with a negative outlook, meaning there was a substantial chance of a further downgrade."



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