Oman likely to meet sizable funding needs through 2023- SP – ZAWYA

Oman likely to meet sizable funding needs through 2023- SP – ZAWYA

DUBAI- S&P Global Ratings expects funding conditions for Oman to improve in the second half of 2020, allowing it to raise the almost $50 billion it needs through 2023, and with almost two-thirds of that through external debt issuance.. Oman, rated sub-investment grade or "junk" by all three major ratings agencies, is one of the weakest economies in the oil-rich Gulf region and has built up debt in recent years to offset the impact of falling crude revenues.. " if Oman were to consider the pricing of funding in international capital markets prohibitive, or foreign investors were unwilling to roll over maturing debt, the country's depletion of external assets would accelerate and confidence in the Omani rial's peg to the U.S. dollar could diminish," the ratings agency said.. "Our ratings on Oman are supported by our expectation that support from GCC countries would be forthcoming if the country were to experience significant external liquidity pressures, particularly those that could threaten the peg.".