Oman reattains investment grade rating after 7-year gap

Oman’s Sovereign Credit Ratings Upgraded to ‘BBB-‘ by S&P Global Ratings

S&P Global Ratings has announced the upgrade of Oman’s long-term foreign and local currency sovereign credit ratings to ‘BBB-‘ from ‘BB+’ with a stable outlook. This marks a significant milestone in Oman’s economic history, as the sultanate regains its investment grade rating after seven years.

The upgrade reflects the strengthening of Oman government’s public finances, with measures to support economic diversification and development of domestic capital markets. S&P stated that Oman’s fiscal and economic reform program is expected to continue, leading to steady growth in GDP per capita supported by non-oil growth.

Furthermore, the reorganization of government-related entities and the reduction of external debt levels contribute to the positive outlook for Oman’s ratings. S&P anticipates fiscal surpluses and continued reduction of external debt levels in the coming years.

Oman’s efforts to ensure financial stability and the implementation of Oman Vision 2040 have been recognized through this ratings upgrade, positioning the sultanate as an attractive destination for investment.