Muscat: Energy Development Oman (EDO) has achieved a new milestone by being assigned a BB-long-term issuer credit rating with a stable outlook by the S&P Global Ratings.
The international credit rating agency S&P’s stand-alone credit profile assessment of EDO is bbb- which is an investment grade rating level.
Mazin Rashid Al Lamki, EDO’s Chief Executive Officer, said, “This inaugural credit rating from S&P is a significant step ahead in EDO’s development and certainly self-assuring as it relates to EDO’s strategy going forward. In this report, S&P have recognised EDO’s access to sizeable reserves, leading domestic share of Omani hydrocarbon production, and low operating cost structure, all of which support strong credit ratios.”
Al Lamki added, “This rating will increase transparency and comparability for debt investors and other capital market participants, in addition to competitive financing and low-cost structure. EDO’s future strategic plans and cash flow visibility are key factors in our success, which brings significant importance to the country. This national responsibility will influence our strategic choices and will guide our decisions at EDO which will benefit both the company’s and sovereign’s credit rating.”
It is worth mentioning that EDO is leading ambitious plans in the fields of energy and alternative energy which will play a key role in elevating the credit rating of Oman and help create an attractive investment milieu in this sector.
