S&P on 29 September upped Oman’s credit rating from BB to BB+ on the back of an identical upgrade from Fitch Ratings just days earlier (MEES, 29 September).
S&P’s upgrade was based on an expectation of higher state revenues based an oil price forecast of $83/B for 2023 and $85/B in 2024. Even with Opec+ cuts crimping oil production Oman is on track for a second-year of surplus, providing the means to continue paying down debt to 38% of GDP in 2023. (CONTINUED - 158 WORDS)