S&P changes Oman Power view

S&P said it revised its outlook on Oman Power and Water Procurement Co. SAOC to negative from stable.

The agency also affirmed the BB long-term issuer credit rating.

S&P said the revision reflects the risks stemming from the company’s ever-widening working capital deficits that it funds with short-term debt.

“We believe that this level of debt might become a permanent liability for OPWP, which was not in our previous base case,” the agency said in a news release.

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