Mubasher: Moody's Investors Service downgraded Oman's government long-term issuer rating to A3 from A1 and placed it on review for further downgrade, according to a recent report.
The rating downgrade was mainly attributed to the highly negative impact of the structural shift in lower oil prices, which continued through the beginning of 2016, on Oman's government finances, balance-of-payments position and economic performance, Moody's said on Sunday.
The review for further downgrade will allow the international rating agency to assess the effectiveness of the government's policy response to a multi-year period of low oil prices.
Moody's will measure the impact of the fall in oil prices on Oman's economic and government balance sheet strength relative to similarly rated peers.
