Oman trades lower as Fitch cuts- IFR News | ZAWYA MENA Edition:
"Oman's bonds have dropped after a downgrade from Fitch on Monday night that has taken the sovereign close to high-yield territory. Oman's 2027s are off around 0.33pt at 101.189, according to Tradeweb, and its 2047s are down 0.25pt at 99.581, after Fitch downgraded Oman to BBB- from BBB. The outlook is negative. The ratings agency expects Oman's budget deficit to remain one of the biggest among Fitch-rated sovereigns at an expected 12.8 percent of GDP in 2017. Fitch estimates Oman's fiscal breakeven Brent oil price at around $83, well above the current level at around $65, according to Thomson Reuters data. "
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