Energy Development Oman Upgraded to
Investment Grade by Fitch Ratings

Muscat, 17 Dec 2025 (ONA) — Fitch
Ratings has upgraded the credit rating of Energy Development Oman (EDO) to
investment grade at ‘BBB-‘, assigning a stable outlook. This action follows the
agency’s recent upgrade of the Sultanate of Oman’s sovereign credit rating to
the same level.

In its report, Fitch affirmed the
company’s standalone credit profile at ‘bbb+’. The agency based its assessment
on the scale of EDO’s integrated operations across the oil and gas sectors, the
stability of its cash flows underpinned by long-term gas sales contracts,
resilient government revenue streams, a prudent dividend policy and manageable
debt levels.

With this rating action, EDO becomes
one of the few companies to hold investment-grade status from both Fitch and
Standard & Poor’s. The latter agency upgraded EDO to ‘BBB-‘ in September
2024.

This achievement underscores the
company’s improved financial metrics and robust financial health. The investment-grade
rating is expected to broaden EDO’s investor base, facilitate access to capital
on more competitive terms, and support the financing of both ongoing operations
and future growth initiatives. This strengthens the company’s pivotal role in
advancing the Sultanate of Oman’s strategic energy development objectives.

Sultan bin Ali Al Maamari, Chief
Financial Officer of Energy Development Oman, stated, “Achieving an
investment-grade rating from two leading international agencies is a pivotal
milestone. It enhances our ability to access global capital markets with
competitive financing and solidifies our position as a reliable partner for
investors.”

He added, “Fitch’s upgrades for
both the nation and EDO reflect a positive outlook for our financial and
operational trajectory. Since its inception, EDO has been instrumental in
building a resilient and commercially sustainable national energy framework.
Through efficient operations, disciplined investment, and vertical integration
across the value chain, we have contributed to increased production, enhanced
energy security and the generation of sustained long-term economic value for
the Sultanate of Oman.”

— Ends/Khalid