S&P Global Ratings revised its target for Oman's fiscal deficit to 19% of GDP in 2016 - from the previous estimate of 13% - as the country experienced a larger revenue gap than previously expected as a result of the decline in oil prices. The ratings agency also revised its outlook on Oman to negative from stable, while affirming the BBB-/A-3 long- and short-term foreign and local currency sovereign credit ratings on the sovereign. S&P said the widening of Oman’s current account deficit and deterioration in its external position has moved in tandem with the worsening of the government’s fiscal position. (Muscat Daily)