Oman Cut to Junk by S&P as Crude Oil Decline Imperils Finances
- Credit rating lowered to one notch below investment grade
- S&P says Oman can’t mitigate risk of volatile export revenue
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Oman was cut to junk by S&P Global Ratings, which said a drop in crude could hamper exports from the largest Arab oil producer outside OPEC and jeopardize its finances.
S&P lowered the Gulf state’s sovereign debt long-term rating to BB+, one level below investment grade, from BBB- and changed the outlook to negative, the New York-based firm said in a statement Friday.