Gulf weekly: Oman downgraded and others threatened by oil & COVID crises

GULF COUNTRIES - Report 13 Mar 2020 by Rory Fyfe and Justin Alexander

The weekly is a skimmable summary of key developments by country, overlaid with our analysis, the outlook and links to further information. Headlines include:

* Saudi & UAE announced plans to hike output by 3.5m b/d.
* Fitch downgraded Oman to BB (negative outlook), as the country looks to raise a $1bn loan.
* Rating agencies expressed concerns about other Gulf sovereigns.
* GCC coronavirus cases quadrupled to 636, including a large cluster in Qatar.
* Extreme travel bans and internal closure restrictions were widely implemented.
* Two powerful Saudi princes seen as obstacles to MBS’s succession were arrested.
* Lebanon defaulted on its $1.2bn eurobond and is in talks about restructuring and fiscal reform.
* The coronavirus crisis deepened in Iran, and there were fresh clashes between the US and an Iranian-backed militia in Iraq.

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