Fitch raises Oman Electricity

Fitch Ratings said it raised Oman Electricity Transmission Co. SAOC’s issuer default rating to BB from BB- and removed from under criteria observation.

“The upgrade follows the implementation of Fitch's updated parent and subsidiary linkage (PSL) criteria, published on Dec. 1, 2021. Under the new criteria, we view OETC as the 'stronger subsidiary', based on its stand-alone credit profile (SCP) of bb+, which is higher than the sovereign rating of Oman (BB-/stable). Our assessment leads to OETC being rated one notch higher than the sovereign rating (ie consolidated plus one approach),” the agency said in a press release.

The outlook is stable.

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