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Bond Market News
OQ SAOC Upgraded to IG-Status of BBB- by Fitch
December 16, 2025
OQ S.A.O.C. was upgraded to IG-status of BBB- from BB+ by Fitch. The upgrade follows the recent upgrade of Oman keeping its rating in-line with the sovereign. The action reflects OQ’s strong strategic role as Oman’s main downstream, gas transport and emerging renewables platform, underpinned by a solid standalone credit profile and low leverage. Fitch notes that OQ’s net leverage fell to near zero in 2024 after it raised $2.5bn in IPO proceeds and repaid $1.7bn of its debt. Fitch expects OQ’s leverage to rise gradually towards ~1.5x by 2028 as the group ramps up upstream and green energy investments, including LNG and a growing renewables pipeline. The agency also highlighted OQ’s generally conservative financial policy, successful operating track record and strong state linkages, while also flagging operational concentration in Oman and rising capex that will likely turn free cash flow negative in 2025. Liquidity is viewed as strong, supported by sizeable cash balances and an undrawn committed revolving credit facility.
Its 5.25% 2028s traded stable at 101.9, yielding 4.71%
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