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Bond Market News
Oman Upgraded to IG-status of BBB- by S&P
September 30, 2024
Oman was upgraded by a notch to IG status of BBB- from HY status of BB+ by S&P. The upgrade reflects the continued strengthening of the Omani government’s public finances and the ongoing external deleveraging of many SOEs. The government has implemented structural reforms that will enable it to return to a net asset position starting this year. Additionally, it has reorganized its government-related entity (GRE) sector to enhance operational efficiencies and improve financial positions, leading to a decline in total GRE debt to $33.8bn (30% of GDP) in June 2024, down from the peak of $35.9bn (41% of GDP) at end-2021. On the asset side, the government continues to accumulate sizable liquid buffers through its deposits in domestic institutions and the central bank, alongside its sovereign wealth fund. S&P forecasts that Oman will post fiscal surpluses of 1.9% of GDP over 2024-2027, assuming Brent oil prices remain about $80 per barrel from 2025 until 2027. According to S&P, the Omani authorities have also made progress in improving transparency and data disclosure, including publishing quarterly real GDP data, monthly fiscal positions, a yearly international investment position, and an IMF Article IV.
Oman’s dollar bonds traded stable with its 4.75% 2026s at 99.7, yielding 4.92%.
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