S&P : Oman will meet its funding needs of $50 billion between 2020 and 2023

man will meet its funding needs of $50 billion between 2020 and 2023 raising 63 percent of it through external debt issuance, according to S&P Global Ratings.

The rating agency said on Monday it expected Oman to raise the remaining 18.5 percent from drawdowns of domestic and external liquid assets, 15 percent from domestic debt, and 3 percent through other transactions.

Rated sub-investment grade or “junk” by all three major rating agencies, Oman has built up debt in recent years to offset the impact of falling crude revenues as well as the coronavirus pandemic. The country has kept away from the international debt so far in 2020 as its 10 and 30-year bonds have weakened and offered a yield of more than 9 percent.