Moody’s: Oman’s sovereign ratings upgraded to A1

18 Feb 2010

(MENAFN) Moody’s Investors Service has upgraded Oman’s local and foreign currency government bond ratings from A2 to A1.

Moody’s has also raised the Sultanate’s country ceiling for foreign currency bank deposits from A2 to A1, as well as lifting up the country ceiling for foreign currency bonds has been raised to Aa2 from Aa3, while Oman’s local currency country ceilings remained at Aa2.

According to a press statement, Moody’s said that the main driver of the change in ratings was the comparative strength of Oman’s public finances within its rating peer group.

Oil prices plunged in 2009 affecting oil producing countries; however, Oman has managed to keep its fiscal account close to balance, Moody’s said. The agency pointed out that the Omani government has accumulated a deep cushion of net financial assets over the year, which currently imparts considerable fiscal flexibility.

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