Moody's upgrades Oman's credit rating to Ba1
Monday, 11 December 2023
RIYADH, Dec 10 (Arab News): Further improvement in Oman's debt burden led US-based Moody's Investors Service to upgrade its credit rating for the second consecutive time this year from "Ba2" to "Ba1".
The upgrade in rating is attributed to improvements in debt affordability metrics, according to a statement.
This positive shift primarily results from spending restraints and the utilization of additional revenues in reducing public debt. This reflects that the government's adherence to fiscal prudence and its prioritisation of debt repayments boosts the likelihood.