The emirate is rated “Aa2” by Moody’s and “AA” by both S&P and Fitch Ratings
The growth in outstanding sukuk is attributed to several factors that are driving the issuance of Islamic bonds including issuers that seek to plug budget deficits
The country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation
Sukuk and bonds had a high pricing correlation of 0.95 (out of 1) on average and low average spreads between 2018 and H1 2023
The US is now rated AA+ by Fitch, one step below AAA, and the assessor has a stable outlook on the country
The state remains the largest shareholder in Aramco after the transfer, as it retains more than 90 per cent of the company’s shares
The kingdom has one of the highest reserve coverage ratios among Fitch-rated sovereigns at 18 months of current external payments
Fitch raised Oman’s long-term foreign-currency rating by one notch to BB
The A/B loan structure will help support APICORP’s less developed member countries and encourage private sector participation
The company ranked the sovereign AA- with a stable outlook
Fitch’s latest downgrade brings its ranking of Oman to the same level as that of Moody’s Investors Service and S&P Global Ratings.