New York-based ratings agency Fitch junked Oman’s credit rating this week, dropping it one notch from BBB-, the lowest investment grade, to BB+.

Fitch is so far the only one of the big three ratings agencies to have afforded Oman a sub-investment rating. Moody’s in March downgraded Oman to one rung above junk (MEES, 23 March), whilst S&P on 9 November affirmed Oman at BB with a stable outlook.

Oman has seen several downgrades since oil prices dived in the second half of...