The cash-strapped Omani government is pressing ahead with borrowing plans, despite ratings agencies continuing to downgrade the Sultanate further into junk territory.

The latest downgrade from S&P dropped Oman a further notch to B+, four rungs below investment grade. Oman is also well inside junk territory with Moody’s and Fitch. The succession of downgrades in recent years increases the cost of borrowing. (CONTINUED - 1008 WORDS)