Moody’s: Oman certificates A1

Moody’s Investors Service said it assigned a provisional rating of A1 to the proposed Omani rials certificates to be issued by Oman Sovereign Sukuk SAOC, a special purpose vehicle incorporated in Oman and wholly owned by the Government of Oman.

The payment obligations associated with these certificates are direct obligations of the government, Moody’s said.

The A1 rating on the certificates is at the same level as the long-term local-currency and foreign-currency issuer ratings of Oman as the sukuk certificate holders will effectively be exposed to Oman’s senior credit risk, the agency said.

Oman’s sovereign credit profile displays a number of strengths, including that its real GDP growth will likely remain positive, Moody’s said.

The ratings also consider, however, the likely sharp fall in nominal GDP this year due to the collapse in oil prices, the agency said.

This will crimp government and private sector incomes, Moody’s said.

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