Oman Raises $4 Billion in Loan as S&P Raises Credit Rating
(Bloomberg) --
Oman raised $4 billion in financing from regional and international lenders last month, according to data compiled by Bloomberg.
The seven-year funding will be used for general sovereign financing and refinancing, and more than 20 banks participated in the facility, according to the data. Click here for details on the financing.Â
Oman has implemented a series of reforms to balance its budget and lower its debt, including the introduction of value-added tax last year. The sultanate's finance ministry in January projected a budget deficit of $3.9 billion for this year, based on oil prices at $50 a barrel.
Oil's surge on the back of Russia's invasion of Ukraine has pushed crude above the break-even level for almost all the Middle East's producers, raising the prospect of significant budget surpluses for even the weakest economies if prices remain high. Oman plans to use the windfall to trim its debt and boost spending on projects, its ruler said last month.Â
S&P Global Ratings on Friday raised Oman's credit ratings by one notch to BB-, with a stable outlook. It cited higher oil prices, rising hydrocarbon production, and the government's fiscal reform program that are improving Oman's fiscal and external trajectory.
The rating agency said it expects the country's net debt to reach 12% of gross domestic product in 2025 compared with an earlier forecast of above 30%.
©2022 Bloomberg L.P.
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