November 10, 2017 / 10:18 PM / a month ago

S&P downgrades Oman's ratings

Nov 10 (Reuters) - Standard and Poor’s lowered its long-term foreign and local currency sovereign credit rating on Oman to ‘BB’ from ‘BB+'.

Oman's ratings are constrained by its dependence on the hydrocarbon sector, despite efforts to diversify, S&P said on Friday. (bit.ly/2AAWd3U)

In July, Moody’s downgraded Oman’s long-term bond rating to Baa2 from Baa1, citing the country’s limited-than-expected progress towards addressing “structural vulnerabilities”. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Shounak Dasgupta)

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