S&P trims Oman Electricity Transmission

S&P said it lowered to B from BB- its long-term issuer credit and issue ratings on Oman Electricity Transmission Co. and the notes issued by orphan special-purpose vehicle Lamar Funding Ltd.

The outlook is negative.

“OETC's markedly deteriorated liquidity, owing to the company's failure to refinance its January 2021 maturities in advance and delayed government subsidies to the sector, indicated a pronounced weakening in the company's credit quality,” S&P said in a news release.

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