Muscat: Standard & Poor’s (S&P) has raised the rating of the Sultanate of Oman for the second time this year from BB- to BB with a stable outlook as a result of the improvement in the financial performance of the state and the performance of the balance of payments.
The credit rating agency has upgraded the raised the rating of the Sultanate of Oman for the second time in 2022.
The agency attributed the improved financial performance to the measures taken by the government under the medium-term fiscal term and the rise in oil prices.
S&P said that there has been a remarkable improvement in the performance of the balance sheet, and a decrease in the public debt rate.
