Mubasher: Standard and Poor's (S&P) revised on Sunday its outlook on Oman from “Stable” to “Negative”, and maintained its rating at “BBB-”.
The Sultanate’s fiscal deficit to deepen to 20% of the country’s gross domestic product (GDP) in 2016, exceeding S&P’s earlier estimates of 13% of GDP.
The rating firm said in its report that the negative outlook asserts Oman’s need to adjust its financial position, noting that this will take longer than expected.
