MUSCAT : In its report, Fitch said it has affirmed EDO’s standalone credit profile at “bbb+”, citing the scale of the company’s oil and gas operations, stable cash flows backed by long-term gas sales contracts, flexibility in government revenues, a disciplined dividend policy and low debt levels.

With the latest move, Energy Development Oman joins a select group of companies carrying investment-grade ratings from both Fitch Ratings and Standard & Poor’s, after S&P upgraded the company to “BBB-” in September 2024.

The investment-grade status reflects a marked improvement in the company’s financial metrics and underlines the strength of its balance sheet. The rating is expected to broaden EDO’s investor base, improve access to financing on competitive terms, and support funding for ongoing operations and future growth plans, reinforcing its role in advancing Oman’s energy sector.

Commenting on the upgrade, Sultan bin Ali Al Maamari, Chief Financial Officer of Energy Development Oman, said the achievement marks a pivotal milestone for the company.
“Securing an investment-grade rating from two leading international agencies strengthens our ability to access capital markets on competitive terms and enhances our attractiveness as a reliable investment partner,” he said.

Al Maamari added that Fitch’s upgrade confirms the positive outlook for both the Sultanate of Oman and Energy Development Oman, noting that since its establishment, EDO has played a central role in strengthening the national energy system through efficient operations, disciplined investment and value-chain integration.

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