S&P revises Oman Power view to negative

S&P said it revised its outlook on Oman Power and Water Procurement Co. SAOC to negative from stable and affirmed the BBB- long-term corporate credit rating.

S&P said the outlook revision follows a similar action on the sovereign on Nov. 11. The agency considers Oman Power to be a government-related entity (GRE), and there is still an extremely high likelihood that it would receive timely and sufficient government support if faced with financial distress.

S&P said it considers, however, that a downgrade of Oman would indicate a weakened ability to support Oman Power.

The agency continues to assess Oman Power’s stand-alone credit profile (SACP) as bb+, constrained by the company's less-than-adequate liquidity.

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