Muscat – The upgraded rating reflects the measures taken by the government to improve financial and economic indicators and to reduce the state’s public debt, as well as the broader structural reforms and and continued supportive oil sector prospects.
The agency confirms that the credit rating of the Sultanate of Oman may rise if the government continues to reduce the country’s external debt, which will lead to a decline in the cost of servicing public debt.
S&P Global commended the remarkable progress made by the Government in improving transparency and data disclosure and the reorganization of State-owned enterprises, which led to achieving operational efficiencies and stronger financial profiles.
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