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Moody’s Investors Service downgraded Oman’s sovereign debt from Ba2 to Ba3 with a negative outlook on 23 June, concluding a review process which began on 30 March. The ratings agency pointed to the lower oil price environment, which it now assumes will persist “into the medium term”. It was unlikely the government would be able to significantly offset the loss of revenue or avoid a “large and durable deterioration” in its debt, or an erosion of its fiscal and foreign currency buffers, Moody’s said.
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