Fitch Ratings awarded a final grade of “BB” to Energy Development Oman SAOC's trusted certificate issuance program (EDO, BB/Positive) on Sunday, September 18, 2023.

The program is issued on behalf of EDO Gas SPC via the special purpose vehicle EDO Sukuk Limited and guaranteed by EDO, which is the sole owner of EDO Gas. The rating of the trusted certificate issuance program is in line with that of the IDR of the ultimate parent company and the guarantor. This rating reflects Fitch's view that the default of these unsecured senior bonds would reflect EDO's default in accordance with the agency's rating definitions. Noted that EDO Gas is the debtor, seller, tenant, buyer, and service agent and EDO guarantees EDO Gas's payment obligations under the trust certificate issuance program