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International rating agency Standard & Poor’s (S&P) has upgraded Muscat’s sovereign ratings, citing the government’s healthy fiscal position and the prospects for gas-led industrial growth from 2006. The long-term foreign currency rating rises to BBB+ from BBB, long-term local currency rating to A- from BBB+ and short-term foreign currency rating to A2 from A3. The short-term local currency rating was affirmed at A2 and the outlook is stable.