Moody’s revises Oman’s outlook to positive, affirms Ba1 ratings
Published: 11:09 AM,Sep 04,2024 | EDITED : 03:09 PM,Sep 04,2024
Moody's highlighted the increase in Oman's capacity to absorb shocks, such as those caused by cyclical fluctuations
Muscat: The rating agency Moody’s has revised Oman’s Outlook to Positive and Affirmed Ba1 Ratings.
According to the Ministry of Finance, the rationale for the Positive Outlook is the ongoing improvements in the public debt due to prudent fiscal management and elevated oil prices.
Moody's highlighted the increase in Oman's capacity to absorb shocks, such as those caused by cyclical fluctuations in the global energy markets or increases in global interest rates. The decline in public debt to 36.5 percent of GDP in 2023, with external debt dropping from more than 50 percent of GDP in 2020 to 24 percent in 2023 and the reduction in public debt to around 34 percent of GDP in July 2024.
Moody's ratings on Oman as of May 2023 were 'Ba2' Positive Outlook, Ba1 with a stable outlook on December 2023, and Ba1 with a positive outlook on August 2024.
According to the Ministry of Finance, the rationale for the Positive Outlook is the ongoing improvements in the public debt due to prudent fiscal management and elevated oil prices.
Moody's highlighted the increase in Oman's capacity to absorb shocks, such as those caused by cyclical fluctuations in the global energy markets or increases in global interest rates. The decline in public debt to 36.5 percent of GDP in 2023, with external debt dropping from more than 50 percent of GDP in 2020 to 24 percent in 2023 and the reduction in public debt to around 34 percent of GDP in July 2024.
Moody's ratings on Oman as of May 2023 were 'Ba2' Positive Outlook, Ba1 with a stable outlook on December 2023, and Ba1 with a positive outlook on August 2024.