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Tuesday, 16 May 2017

MIDEAST DEBT-Bumpy road ahead for Oman loan after downgrade - IFR | Reuters

MIDEAST DEBT-Bumpy road ahead for Oman loan after downgrade - IFR | Reuters:

"Standard & Poor's downgrade of Oman’s credit rating to junk status has complicated the sovereign borrower’s first visit to the Asian syndicated loan market. The agency last Friday lowered the Sultanate of Oman’s rating to BB+ from BBB−, with a negative outlook, saying the country’s external buffers have weakened and are insufficient to mitigate the risk from volatile oil-driven export revenues. The downgrade came days after Thomson Reuters LPC reported that Oman was seeking a $3.6 billion unsecured, five-year bullet loan from Chinese banks. Bank of China, China Development Bank, and Industrial and Commercial Bank of China are the mandated lead arrangers, with the latter two also acting as bookrunners."



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