Oman has been downgraded by a second ratings agency within 10 days in a move that potentially complicates the country's planned bond issue.

Having had its sovereign rating cut two notches by S&P on 17 February, Moody’s in turn cut the country’s long term issuer rating to A3 on 26 February.

However, while the S&P downgrade from BBB+ to BBB- left Oman just one notch above junk status (MEES, 19 February), the Moody’s cut from A1 to A3 leaves Oman still a...