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Bond Market News
Oman’s Outlook Revised to Positive, Rating Affirmed at B+ by S&P
October 4, 2021
The Sultanate of Oman received an outlook revision from credit rating agency S&P on the back of its improving fiscal position. S&P revised the outlook on Oman to positive and affirmed its ratings of B+ in Friday’s rating action. The rating agency said that the outlook change reflects their view that Oman’s reform program and higher oil prices vs. 2020 will help narrow its fiscal deficit and slow the increase in its net government debt over the next three years. S&P added that it assumes net debt to increase to 30% of GDP in 2024 from 23% in 2020. Its external debt maturities of $11bn over 2021-2022 will be funded by a mixture of external debt, asset drawdowns from the Oman Investment Authority (OIA) and Petroleum Reserve Fund (PRF), and to a smaller extent, domestic debt. The ratings are supported by the government’s strong liquid assets of 50% of GDP and expected support from GCC countries if needed.
Oman’s 6.25% 2031s have been trending lower since September 19, falling 3.9 points since then to 106.43 yielding 5.36% currently.
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