The rating company lowered the country by one notch to Ba1, one level below investment grade, with a negative outlook. Moody’s forecasts Oman’s fiscal deficit will remain high,
The downgrade reflects Moody’s view “that prospects for new meaningful fiscal reforms are limited, to a greater extent than the rating agency had previously assessed,” according to a statement.
“This view is underscored by delays of measures that were announced in early 2018 and that Moody’s expected would be implemented during 2018-19.”
Moody’s is the last of the three major ratings agencies to grade Oman to non-investment grade. S&P Global Ratings has Oman at BB, two levels below investment grade, and Fitch Ratings has it at one level below investment grade.
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