Moody’s on 5 March became the last of the big three credit ratings agencies to downgrade Oman into ‘junk’ territory. The agency now rates Oman’s long-term debt as ‘Ba1’ with a negative outlook down from Baa3 (negative outlook), the lowest investment grade. S&P was the first agency to afford Oman a sub-investment rating in late 2017 (MEES, 24 November 2017); Fitch followed suit at the end of 2018 (MEES, 21 December 2018).

Moody’s says the...