Oman's credit rating is at 'BB-', states Fitch Ratings

Muscat: Fitch Ratings has confirmed that Oman's credit rating at 'BB-'.

A statement issued online by Oman News Agency (ONA), said: "Fitch Ratings confirms the Sultanate’s credit rating at BB- in view of the challenges surrounding the application of financial control measures in light of the current conditions of the spread of  COVID-19 and its impact on the local economy."

The agency notes in its report that the medium term financial plan that Oman began implementing has contributed to enhancing the prospects for an improvement in the state's financial position, whose total financial impact is expected to reach about 4.7 billion OMR by 2024.

"It expects the state’s general budget deficit to decline to 6.1 per cent of the gross domestic product during the current year and that the economic growth of the Sultanate will rise by about 3.3 per cent during the year 2022," the statement added.