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18-Feb-2016

S&P lowers Oman sovereign credit rating to BBB- from BBB+

S&P lowers Oman sovereign credit rating to BBB- from BBB+ as it revised oil price assumptions for 2016-2019 significantly downward. S&P highlighted that the decline in oil prices will have significant impact on Oman's economic and fiscal indicators given its high dependence on oil and forecast Oman's GDP per capita will fall to USD14,600 in 2016 from USD20,500 in 2014. S&P forecast Oman's the annual average increase in general government debt will be about 5% of GDP in 2016-2019. However, it revises Oman sovereign credit outlook up to stable from negative (Reuters)

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