UPDATE 1-S&P cuts Oman rating deeper into junk, trims Bahrain's outlook - Reuters:
Rating agency S&P has lowered crude producer Oman’s sovereign ratings deeper into junk territory, citing external challenges, and changed the outlook for Bahrain’s ratings to stable from positive due to the country’s dependence on oil revenue.
The changes came after S&P recently cut its forecast the Brent crude oil benchmark to an average of $30 a barrel in 2020, $50 per barrel in 2021, and $55 a barrel from 2022.
S&P cut Oman’s long-term foreign and local currency sovereign ratings to ‘BB-‘ from ‘BB’, citing higher external risks and indebtedness.
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