Economics
S&P Follows Suit in Downgrading Oman for 2nd Time This Year
- Oman now rated four levels into its non-investment grade scale
- Real GDP will contract in 2020 by 5% to production limits: S&P
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Oman’s sovereign rating was cut for the second time in 2020 by S&P Global Ratings as lower crude revenue and the virus pandemic take a heavy toll on the country’s finances.
S&P took Oman a notch lower to B+, four levels into its non-investment grade scale, according to a statement Friday. The outlook on the rating is stable.