Fitch raised Oman’s long-term foreign-currency rating by one notch to BB, or two levels below investment grade, according to a statement on Monday. Before the decision, the firm downgraded the sultanate four times since initiating its coverage in 2017.
“The upgrade reflects significant improvements in Oman’s fiscal metrics, a lessening of external financing pressures and ongoing efforts to reform public finances,” Fitch analysts including Toby Iles said.
Although long considered to be among the weakest sovereigns in the Gulf Arab region, Oman has more recently emerged as a reform standout, with a program to balance the books and lower its debt that included the introduction of value-added tax last year.
No comments:
Post a Comment