Moody’s acts on seven Omani GRIs

Moody's Investors Service said it took actions on seven Omani government-related issuers (GRIs).

The agency downgraded Oman Power & Water Procurement Co. SAOC, Oman Electricity Transmission Co. SAOC and Oman Telecommunications Co. SAOG to Baa2 from Baa1 and Dhofar Power Co. SAOC to Baa3 from Baa2 and changed the outlooks to negative from stable.

It affirmed the Baa2 issuer ratings of Mazoon Electricity Co. SAOC, Majan Electricity Co. SAOC and Muscat Electricity Distribution Co. SAOC and changed the outlooks to negative from stable.

Moody’s said the actions follow the July 28 downgrade of Oman's sovereign rating to Baa2 from Baa1 and the change of outlook to negative from stable.

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