Moody's assigns OETC notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the proposed senior unsecured notes to be issued by Oryx Funding Ltd., a special purpose vehicle established in the Cayman Islands by Ba3-rated Oman Electricity Transmission Co. SAOC

“The Ba3 rating assigned to the proposed notes and negative outlook are in line with the corporate family rating and the rating outlook of OETC. This is because the proposed notes will be guaranteed by OETC and will rank pari passu with OETC's existing senior unsecured notes issued by Lamar Funding Ltd. (Ba3 negative) and OmGrid Funding Ltd. (Ba3 negative) and similarly guaranteed by OETC,” Moody’s said in a press release.

The proceeds will be used to refinance OETC's OMR 100 million shareholder loan, for capital spending and general corporate purposes.

The outlook is negative.

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