Fitch revises #Oman’s outlook to stable from negative on improvements in key metrics

Fitch revises Oman’s outlook to stable from negative on improvements in key metrics

Fitch Ratings on Monday revised Oman’s outlook to stable from negative following improvements in key fiscal metrics including government debt/gross domestic product and the budget deficit.

The agency also affirmed the sovereign's long-term foreign and local currency Issuer Default Ratings (IDR) at BB-.

The BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time, with financial flexibility still in place.

The revision in Oman's outlook was driven by higher oil prices and fiscal reforms in the country and a lessening of external financing pressures relative to recent years, even as external funding needs remain high, the rating agency said in a statement.