S&P lifts Oman Power to stable

Standard & Poor's said it revised the outlook on Oman Power and Water Procurement Co. SAOC to stable from negative.

The agency also said it affirmed its A long-term issuer credit rating.

The ratings are based on an equalization with the long-term sovereign credit rating on the Sultanate of Oman, S&P said.

The equalization reflects an opinion that there is an almost certain likelihood that the government of Oman would provide timely and sufficient extraordinary support to the company in the event of financial distress, the agency said.

The ratings also consider the company's critical role as the monopoly buyer and supplier of bulk electricity and desalinated water in Oman, S&P said.

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