Rating agency Fitch has upgraded Oman from BB- (negative outlook) to BB (stable outlook) citing “the Government’s continued commitments and fiscal control towards reforms as per the Medium Term Fiscal Plan, as well as higher oil prices.” The upgrade follows the 14-year high $2.04bn surplus Muscat achieved for 1H 2022 (MEES, 12 August).

Fitch downgraded Oman to BB-, three notches below investment grade, in August 2020 after oil prices and revenues collapsed (MEES, 28 August 2020). (CONTINUED - 371 WORDS)