MUSCAT: S&P Global Ratings has affirmed the Sultanate of Oman’s investment grade credit rating at “BBB-” with a stable outlook, restoring the country to an attractive investment environment status.

The agency indicated that Oman’s credit rating could witness further improvement over the next two years on the condition that public finances continue to be managed according to the existing plans aimed at increasing non oil revenues and enhancing spending efficiency. These measures will bolster GDP growth, particularly in the non-oil sector, while emphasizing the importance of sustaining initiatives that drive economic diversification and capital market development.

The agency also expected that the Sultanate’s real GDP to grow by 2 percent in the next three years (2025-2028), while the net public debt is expected to decrease to am average of GDP by 1.5 percent between 2025-2028.