S&P: Oman Power to negative

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

The agency also said it affirmed the company’s A long-term issuer credit rating.

The ratings are based on the company’s alignment with the Sultanate of Oman and Oman’s ratings, S&P said.

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

The company plays a critical role as the monopoly buyer and supplier of bulk electricity and desalinated water in Oman, S&P said.

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