Moody’s adjusts Oman’s local currency and foreign currency bond and deposit ceilings

By bne IntelliNews July 24, 2013

Moody’s has adjusted its local currency country risk ceiling and the foreign currency bond and deposit ceilings for Oman, reflecting a methodological change earlier this year.

The long-term local currency bond and deposit ceiling was changed to Aa3 from Aa2. The long-term foreign currency bond ceiling was also changed to Aa3 from Aa2, while the deposit ceiling remained at A1. The ratings agency also left the short-term foreign currency bond and deposit ceilings at P-1.

The adjustment brings Oman’s local currency ceilings closer towards the sovereign bond rating of A1, which reflects the currency peg to the US dollar, the high degree of government intervention in the economy and the high dependence of the government finances and the overall economic performance on oil price movements.

Similarly, the strong foreign currency ceilings reflect Oman’s foreign exchange liquidity supported by current account surpluses and sizeable foreign exchange assets.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Turkey, Iraq, Qatar and UAE ink initial Development Road transit corridor agreement

Turkey, Iraq, Qatar and UAE have inked a preliminary agreement to cooperate on the Development Road project, which envisages the transit of goods received at an Iraqi commodities port facilty in ... more

Xlinks warns cost of Morocco-UK Power Project could rise some 25% to reach $30bn

UK renewable energy producer Xlinks, noting significant upward pressure on the cost of all energy projects, has warned that construction of the Morocco-UK Power Project could reach $27bn to $30bn, up ... more

Morocco in talks with investors to build EV battery gigafactories, says minister

The Moroccan government is in extensive talks to attract more electric vehicle (EV) battery manufacturers to support its growing automotive sector and meet soaring demand, industry and trade minister ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    7 days ago
  2. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  3. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  4. Russia’s war economy boosted by rising oil prices
    8 days ago
  5. Poland’s Orlen paid $400mn to scammers for oil that never arrived
    12 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    27 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss