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Oman's largest development downgraded
- Oman: Tuesday, December 16 - 2008 at 08:21
The Blue City project in Oman has had its bond rating downgraded to junk status by Moody's Investor Services due to slow sales at the development and a 'less favourable economic environment', The National has reported. The $20bn development - the largest in Oman - is designed to create a new lifestyle city over the next 20 years with hotels, schools, hospitals and housing for 200,000 people. The shortfall in sales revenue could jeaopardize the project, Moody's said.
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Jeff Florian, Senior ReporterTuesday, December 16 - 2008 at 08:21 UAE local time (GMT+4)
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