Moody’s rates Oman notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 senior unsecured issuance rating to the proposed dollar-denominated global notes to be issued by the Government of Oman.

According to the draft transaction documents, the proposed global notes constitute direct, unconditional and unsecured obligations of the Government of Oman and rank pari passu with all other outstanding unsecured obligations.

Proceeds are intended to be used for general budgetary purposes.

Accordingly, the agency assigned a provisional Baa1 rating, in line with the government's issuer rating of Baa1.

“Oman's Baa1 long-term issuer rating incorporates the negative effects from low oil prices on the country's economy, government finances, and the external payments position against high levels of per capita income and a still comparatively strong government balance sheet,” Moody’s said in a news release.

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