Moody's cuts Oman credit rating two notches before bond issue | Reuters

Moody's cuts Oman credit rating two notches before bond issue | Reuters:

"Moody's Investors Service sharply cut Oman's sovereign credit rating on Saturday, just weeks before the country may launch its first international bond issue in nearly 20 years, citing damage to state finances from low oil prices.

Moody's lowered Oman by two notches to A3 and kept the rating on review for a further downgrade, saying the country, a small exporter of crude, had fewer financial reserves than its rich neighbours to cope with an era of cheap oil.

"Oman has a comparatively weaker asset cushion, with government financial assets amounting to only about three years of spending," the ratings agency said."



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