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.