Oman has had its credit rating raised from “BB+” to “BBB-” with a stable outlook, by the Standard & Poor's (S&P) rating agency, thanks to the improvement of the country's financial performance.

The improvement in Oman's rating reflects the result of continued efforts to improve public finances through financial and economic reform initiatives and government restructuring. These measures restored the balance between revenue and public expenditure, as envisaged in the medium-term financial plan, and generated financial surpluses. Rising oil prices and the financial measures taken have strengthened Oman's fiscal position, giving it the flexibility it needs to manage external shocks. S&P expects Oman's budget to generate financial surpluses of 1.9% during the 2024-2027 period, assuming that Brent prices average $80 per barrel