S&P lifts Oman

S&P said it raised its long-term issuer ratings on Oman to BB from BB-.

The agency noted government reforms and higher oil prices propelled the upgrade.

“Since last year, it has been using windfall oil revenue to reduce debt. In first-half 2022, Oman engaged in several liability management exercises including a voluntary buyback of $700 million in eurobonds. We estimate government debt will decline to $46.6 billion (Omani rial [OMR] 17.9 billion; 42% of GDP) by year-end 2022 from $54.7 billion (OMR 20.8 billion; 61% of GDP) at year-end 2021. Additionally, we understand that, under the Oman Investment Authority's (OIA's) supervision, government-related entities (GREs) will repay their debt instead of refinancing, where possible,” S&P said in a press release.

The outlook is stable.

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