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Oman’s outlook has been revised to positive from stable by S&P, while affirming the sovereign’s credit ratings at BB+. The outlook revision comes after improvement in the balance sheet of the Oman government with its net debt declining to 2.4% of GDP compared to 7.7% in 2022. S&P expects further strengthening of Oman’s balance sheet as a result of higher crude prices, broad reorganization of its SOEs for developing the non-hydrocarbon private sector and attracting foreign direct investment. Last year in December, Moody’s upgraded Oman to Ba1. Oman is currently still rated at HY levels of Ba1/ BB+/BB+ (Moody’s/ S&P/Fitch).
Oman’s 4.75% 2026s traded stable at 98.4 cents on the dollar, yielding 5.53%.